The Premier League champions have brought Antonio Rudiger and Tiemoue Bakayoko to Stamford Bridge since the end of last season, but it is understood that Blues boss Antonio Conte wants at least two new forwards.
According to Don Balon, Chelsea are interested in signing Belgian attacker Carrasco, and could look to use Diego Costa, who has been made surplus to requirements at the English club, as part of the deal.
Meanwhile, the same report claims that the Premier League giants are prepared to offer Carrasco the chance to double his salary with a five-year deal.
Carrasco, who is understood to have an £85m release clause in his Atletico contract, moved to Diego Simeone's side from AS Monaco in the summer of 2015, and has scored 19 times in 96 appearances for the Spanish giants.
The 23-year-old has also previously been linked with a move to Manchester United, while Arsenal are said to be long-term admirers of the Belgium international.