Having ended 2023-24 as one of the in-form teams in the Premier League, Palace are viewed as an attractive proposition under Oliver Glasner.
Lazio playmaker Daichi Kamada and Marseille winger Ismaila Sarr have already been added to the crop of creative players at Selhurst Park.
However, on the back of Michael Olise having been allowed to sign for Bayern Munich for £50.8m, Glasner has money to spend on another player who can make a difference in the final third.
As it stands, it is yet to be determined whether Palace would prefer to do business on a permanent or temporary basis, with no loan slots being taken up with just three weeks of the transfer window remaining.
Chukwuemeka placed on shortlist
Nevertheless, according to the South London Press, Palace are monitoring any developments with the future of Chukwuemeka.
Among the Chelsea fanbase, the 20-year-old is one of the most highly-regarded prospects at the club having showcased his ability when fit.
There had been every indication that Chukwuemeka would become an important member of Enzo Maresca's new-look squad when completing 90 minutes in the first friendly against Wrexham.
Although a further 45 minutes came against Celtic, the England Under-20 international has since not played a single minute in the final four friendlies ahead of Sunday's Premier League opener versus Manchester City.
A recent report claimed that Barcelona had held discussions over the potential acquisition of the former Aston Villa starlet, and more clubs may get involved if it becomes clear that he has no immediate future under Maresca.
How may Chelsea handle the situation?
There remains high hopes that Chukwuemeka can eventually develop into an established player at a big club, either at Chelsea or somewhere else.
On the flip side, though, he is two months short of his 21st birthday having never completed 90 minutes in a senior competitive game.
With four years remaining on his contract, a loan switch would perhaps suit all parties at this stage unless Chelsea are presented with the opportunity to make a substantial profit on the £20m that they paid two years ago.
Palace must decide whether they are willing to do that when there is no guarantee that Chukwuemeka would become a key player, a consequence of Jefferson Lerma, Adam Wharton, Cheick Doucoure, Kamada and Eberechi Eze all competing for central positions.