According to Italian football journalist Nicolo Schira, Dembele’s representatives were in contact with the Blues’ director Marina Granovskaia last week.
This comes after CAS halved the London giants’ transfer ban to one window, which was served during the summer, and that means they will be allowed to sign players next month.
The Premier League side were slapped with a two-window ban by FIFA in February for breaching rules on signing young players.
The Stamford Bridge outfit’s fine was also reduced from 600,000 to 300,000 Swiss francs (£230,000).
Dembele appears to have joined the list of Chelsea’s targets, which also reportedly includes the likes of Crystal Palace star Wilfried Zaha, Leicester ace Ben Chilwell, Borussia Dortmund forward Jadon Sancho and more.
Schira tweeted: “#Chelsea is interested in Ousmane #Dembelè. Last week his agent has talked with Marina Granovskaia.”
Manager Frank Lampard is pleased with CAS’ decision but remained coy regarding the club’s transfer strategy as he claims this is a “discussion we can take up".
Lampard said: “It's a positive outcome for us.
"It allows us the potential to look at the market going forward.
"So I'm pleased from a footballing level. It was never my business to get involved in the reasons why or the legal side of it."
Dembele rose to prominence during his one-year stint at Dortmund where he scored 10 goals in 50 appearances.
