Bakayoko joined the Blues from Monaco last summer for £40m and started 25 Premier League games in his first season in the Premier League.
Any loan deal for Bakayoko is likely to include an option to buy. He has been involved in Chelsea's pre-season under new head coach Maurizio Sarri and was included in the starting XI for their final International Champions Cup clash with Lyon on Tuesday.Chelsea have boosted their midfield options this summer with the high-profile signing of Jorginho from Napoli, a player Sarri knows well.
Jorginho started Sunday's Community Shield defeat by Manchester City at Wembley with Cesc Fabregas and Ross Barkley alongside him in midfield.
Bakayoko did not even make the bench which included another midfielder in Danny Drinkwater, while England midfielder Ruben Loftus-Cheek has only just returned to training following the World Cup.