Chelsea and Manchester United have both been locked in a fierce battle for the Monaco midfielder.
The Blues had been leading the chase for the France international but with the west London side stalling on a deal, United made their move.
Express Sport understands the Red Devils have agreed on a £35m fee with the Ligue 1 champions for his transfer.
But fresh reports claim Chelsea have gone back into pole position and Bakayoko is now expected to undergo a medical ahead of a switch to Stamford Bridge.
Sky Sports presenter Jim White tweeted: "Midfielder Tiemoue Bakayoko of @AS_Monaco to have medical @ChelseaFC - player close to signing, deal could be worth between £35-£40m."
Earlier today, reports in France claimed the reason for Chelsea's slow process in pushing a deal over the line were down to concerns over Bakayoko's knee.
France Football claimed the Blues had doubts over the state of Bakayoko's knee with the report suggesting he needs surgery that will see him sidelined for between eight and 10 weeks.
Fears among the Chelsea camp had caused them to fall behind United in the race to sign him.
But it seems Antonio Conte will finally have some good news with Bakayoko set to choose Chelsea over United.
The Italian boss has endured a frustrating few days after seeing priority target Romelu Lukaku join Jose Mourinho instead of sealing a return to the club he left in 2014.
Chelsea hope Bakayoko's medical will be completed in the coming days and if all goes well he may travel with the rest of Chelsea squad to China and Singapore next Monday.
Source: Daily Express