The towering striker emerged as a potential target for the reigning Premier League champions, who are looking for a physical presence up front to share the workload with Alvaro Morata.
Hoping to sign the former England international on a permanent deal, the Blues have contacted West Ham, who will not sell him for less than his valuation, according to 'Sky Sports'.
The Hammers' firm stance could soften if Michy Batshuayi is included as part of the deal, even though Sevilla are growing increasingly confident of luring the Belgian centre-forward.
Carroll, who is of a similar profile to former Chelsea target Fernando Llorente, cost West Ham £15m in 2013 from Liverpool and he has scored 25 Premier League goals in 86 appearances despite a number of injury problems.
Interest in Carroll would not affect the Blues' reported interest in Manchester United target Alexis Sanchez.