A report in Polish newspaper Przeglad Sportowy claims the Blues have tabled an offer of £3.8m for Olisadebe, who failed to find his top form at the World Cup with only one goal in three matches in a disappointing Poland team.
Despite his scintillating form in last season's Champions' League and Polands World Cup qualifying games, Olisadebe has struggled for first team opportunities with Panathinaikos, and has made no secret of his desire to move on.