The publication claims that Real Madrid are also keen on signing the Egyptian this summer but are unwilling to meet the Reds' valuation, while Manchester City and Bayern Munich aren't averse.
Salah, was on the Blues' payroll after joining from Basel in 2014. But he failed to hit the heights under Jose Mourinho at Stamford Bridge and was loaned out to both Fiorentina and AS Roma before signing a permanent deal with the latter.
The crafty forward made the switch to Liverpool last summer and has since notched 44 goals in 51 appearances, winning the Premier League's Golden Boot and the PFA Players' Player of the Year award in the process.
He is also set for a Champions League final against Madrid later this month and could possibly end his first season at Anfield in the best way possible by winning the coveted European trophy.
City, who won the Premier League title this season, could have an interest in the player and it wouldn't come as a shock if they decided to spend the aforementioned amount. But Bayern are notoriously careful with their purse strings and spending £175m on one player just doesn't seem like something they'd be keen on doing.
It would be quite a surprise to see the Blues get involved too, based on the asking price, especially for one of their former players.
Madrid, meanwhile, are said to be ready to offer Gareth Bale, Marco Asensio and Lucas Vazquez in a part-exchange.