The Blues may look to improve their attacking squad by making contact with the Dutch giants for the England Under-21s international.
The 20-year-old has established himself as one of the best youngsters in the Eredivisie, scoring 11 goals and providing nine assists from 50 appearances.
However, injuries have halted his development during the 2022-23 campaign, as the London-born winger has featured for just 291 minutes.
Chelsea co-owner Todd Boehly may be ready to try to tempt PSV into a sale if manager Graham Potter wishes to sign another wingeman in January.
Madueke is under contract with PSV until June 2025.
Chelsea are also interested in signing Marcus Thuram from Borussia Monchengladbach.