Tottenham are also said to be interested in an agreement with the Football Association, though it's rumoured that Mauricio Pochettino's side have offered £3m a year less than the Blues, throwing their Wembley hopes into contention.
Chelsea, last week, released initial plans for an exciting refurbishment of Stamford Bridge, which would see their capacity increased to 60,000 as a result, matching that of the Emirates Stadium, Arsenal's home.
'Cathedral of English football'
It was announced that Blues tycoon Roman Abramovich wants to develop Stamford Bridge 2.0 into the 'cathedral of English football', with the latest blueprint inspired by Westminster Abbey and the original Stamford Bridge, in Yorkshire.
Tottenham are also in the process of funding a new stadium in North London, for which construction will begin in the 2017-18 season, likewise with Chelsea. Although, the North Londoners are further into their plans, thus needing to stay at Wembley for just two seasons rather than Chelsea's three, so that could swing things in their favour, despite the Blues' significantly higher offer.
The Wembley board are now thought to have a tough decision to make, with the Premier League trying to pressure the committee to housing one of the two sides, although officials must consider the knock-on effect it will inevitably have on other events, sporting and musical, held at the North London arena.
Tottenham and Chelsea battle for Wembley
If either deal does go through, the club in question would be not be permitted full use of the stadium's 90,000 capacity, with their maximum attendance allowance instead being capped at 50,000 - the equivalent of closing off the whole upper tier. That won't serve as much of a repellent to either side though, with 50,000 a considerably larger amount than what their respective stadia both hold at the moment, so match-day revenue would still increase.
The location of the stadium would favour Chelsea's supporters, with home fans having to travel just 10 miles further than they would to Stamford Bridge, while Tottenham fans would be expected to travel around 15 miles to their temporary home.
For Tottenham to build their brand new stadium, it's reportedly costing the club in excess of £400m, while Roman Abramovich is thought to be shelling out a whopping half a billion pounds to completely renovate Chelsea's home ground, which will feature strikingly similar architecture to that of Westminster Abbey, as the Russian looks to instill the club's heritage into the unique stadium.