His contract with the Toon runs until the end of the season but Italian newspaper Tuttosport claim Torino are interested in signing the midfielder.
The report says the 24-year-old may be part of a transfer spending spree in January from the Serie A club.
It is said if Maxi Lopez and Josef Martinez don’t start firing for Torino, they will look at bringing in Hull’s Abel Hernandez or Atsu.
The Ghana international appears to be surplus to requirements at Stamford Bridge and has not made a single Premier League appearance in three years.
He has had multiple loan spells with Vitesse, Everton, Bournemouth and Malaga before moving to St James’ this summer.
Atsu’s current deal with the Blues expires in May 2017.