The 29-year-old Brazilian is wanted by boss Carlo Ancelotti
during January's transfer window but the Blues may have to wait
until summer to complete a £24million deal.
Fabiano made clear his desire to play in the Premier League
after his Spanish employers recently blocked a £14m move to AC
Milan.
Chelsea may need to spend big in January because there is a
strong chance they could be banned from signing players next summer
by FIFA.
But Sevilla are still in the Champions League and determined to
keep Fabiano, who has 18 months to run on his current contract.
He has scored 54 goals in 113 games for Sevilla and has an even
better strike rate at international level, scoring 25 in 36
matches.
One way around the problem would be for Chelsea to buy the
player next month and then immediately loan him back to the La Liga
club until May.
Chelsea want to tie Fabiano to a four-year deal and double his
wages to £100,000-a-week.
Agent Luis Fuentes said: "I think this will be the season when
Luis moves but Sevilla will make the final decision."