The 22-year-old was impressive during his loan spell at Selhurst Park last season, netting eight goals and four assists in 34 league appearances.
The Eagles wanted to make the move permanent and submitted a £27 million bid for the midfielder, but a deal didn’t materialise.
However, Palace are planning to make another move for Gallagher in this transfer window.
The England international has played in 16 top-flight matches this term, starting seven games and making nine substitute appearances.
Palace unlikely to sign Gallagher
Gallagher has not had the best of times for Chelsea this season, contributing just one goal and an assist.
However, he is not alone as most of the Blues’ stars are currently struggling to perform well.
The England international is undoubtedly a hugely talented player who looks to have a very bright future ahead of him.
The 22-year-old has plenty of room for improvement. He is capable of playing in several central midfield roles and is praised for his combative nature.
Chelsea will likely not want to lose one of their best academy players to Palace this month.
- AS Roma chief offers update on Chris Smalling’s contract situation amid Inter Milan links
- Andoni Iraola turns down chance to become Leeds manager
- Atlanta United confirm the signing of Georgios Giakoumakis from Celtic
- Emir of Qatar wants £4.5bn Man United takeover as major UEFA rule change eyed
- Tottenham could sign Ben Foster as emergency cover amid Hugo Lloris blow