The Blues have been tracking the French youngster this summer, but the Ligue 1 outfit have rejected their offer.
Fellow London rivals Spurs are expected to table their bid for Wahi, who they have identified as a potential replacement for Harry Kane.
Spurs appear to have reached breaking point in their attempt to keep hold of Kane, who has been relentlessly pursued by Bayern Munich.
Having received the go-ahead from the English striker, the Bavarians have set up a direct meeting with the Lilywhites to finalise an agreement.
Paris Saint-Germain have also been trying to hijack the deal, but Bayern are confident they are in pole position to land Kane.
The north Londoners have started exploring replacement options for the 29-year-old, identifying Wahi as a potential target.
The 20-year-old was one of the breakout stars of Ligue 1 last season after netting 19 goals and six assists, including a four-goal haul against Lyon.
Wahi was also part of the France squad in this year’s U21 European Championship.
Spurs are also keeping tabs on Eintracht Frankfurt striker Randal Kolo Muani, who could be a high-profile replacement for Kane.
Kolo Muani has courted interest from European heavyweights following a sensational campaign at club level and a brilliant run at the 2022 World Cup.
The French forward is likely to entail a significant fee, which is easily affordable with the potential sale of Kane.
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