The 19-year-old has been a first-team regular under head coach Unai Emery over the last two seasons, recording 14 goals and five assists in 77 appearances across all tournaments.
Pino penned a new five-year contract with the Yellow Submarine in November last year, which includes an €80m (£67.3m) release clause.
However, speculation surrounding the Spain international is rife, with several Premier League clubs expressing their interest in his services.
A recent report claimed that there is 'strong interest' in Pino from English top-flight clubs, with Villarreal expecting to receive offers for the teenage winger this summer.
While both Arsenal and Liverpool are believed to be contemplating moves for Pino, journalist Fabrizio Romano, via football.london, claims that Chelsea are set to join the race for his signature.
Villarreal are keen to keep hold of Pino, but Emery recently admitted that the La Liga club would be forced to sell the winger if they received a suitable offer this summer.
Speaking to reporters last weekend, the former Arsenal boss said: "If an offer arrives for players like Yeremi Pino, then he will have to leave. We have a responsibility with the club. It is what it is."
It is thought that Villarreal would find it difficult to turn down bids between €40m (£33.9m) and €50m (£42.3m) for Pino due to their current financial situation.
The likes of Manchester City, Manchester United and Real Madrid have also been credited with an interest in Pino, who allegedly turned down the chance to sign for Barcelona as a youth player.
Last year, Pino was praised by Villarreal Under-23 assistant coach Nando Martinez, who believes the winger has the right mentality to fulfil his potential.
"Yeremy stands out for his character. The more difficult the challenge, the more able he is to demonstrate his potential," Martinez told El Pais via Goal.
"He maintains the essence of when he played on the street as a child. In addition, he lives for football, and every day ensures he has the right complementary training, nutrition and rest. Yeremy has been, and is, a blessing for his coaches."
Pino is not the only exciting prospect to have been linked with a move to Chelsea in recent weeks, as both Inter Milan's Cesare Casadei and Everton's Anthony Gordon are both believed to be on their radar.
A recent report claims that the Blues have agreed to sign Casadei for an initial fee of €15m (£12.6m) plus €5m (£4.2m) in add-ons, with the 19-year-old midfielder set to undergo his medical in England on Thursday.
Meanwhile, Chelsea are believed to be lining up an improved £50m offer for 21-year-old Gordon, having seen two bids rejected by the Toffees within the last few days.