The Daily Mail reported on Saturday that Ratcliffe, the founder, chairman and majority owner of chemicals firm Ineos, had offered £2billion to buy the west London club.
Chelsea's Russian owner is now embroiled in a United Kingdom visa clash with the Home Office, leading to him shelving plans for a new stadium in West London.
Meanwhile, TUKO.co.ke previously reported how Abramovich was reportedly planning to sell his Premier League club Chelsea and he has demanded a whopping sum of KSh 156.7 billion if he made a decision to sell Chelsea.
With doubts over Abramovich's political status, Britain's richest man Jim Ratcliffe has made an approach to take the club of the Russians hands.
Seven months ago, Ratcliffe bought the Swiss club FC Lausanne-Sport for an undisclosed sum, as part of his company's commitment to local sport and with a wish to see the club eventually playing in the Champions League.
The Mail quote a "friend" of Ratcliffe with regards to any deal involving Chelsea, as saying: "Shelling out £2bn or so would seem like a drop in the ocean for Jim but at the moment he is torn about what to do". The billionaire, who is valued at £21.05bn as compared to Abramovich's £9.3bn, was a guest at our Cobham training ground.
It means there's been speculation that Abramovich could up sticks after buying Chelsea for £140million in 2003.
The 51-year-old couldn't gain entry into the United Kingdom following his failed attempt to get his visa into the country renewed and following that opted to become an Israeli citizen.
A spokesman for Ineos said in response: "We can't comment on market rumour or speculation".