With the forward having not played a single minute - either in pre-season or competitively - under Enzo Maresca, it has been an open secret that he has been available for transfer.
However, despite interest from a number of divisions, the Ivorian remained at Stamford Bridge after the August 30 deadline that was in place for many leagues.
That has left Chelsea and Fofana hoping that sufficient interest would emerge from the likes of Greece and Turkey if he was to secure regular football for the rest of the year.
AEK Athens make breakthrough in effort to sign Fofana
AEK Athens have been keen on signing the 21-year-old since the beginning of September as they bid to bolster their bid to win to reclaim the Super League title.
Earlier this week, it was suggested that they were not prepared to meet Chelsea's valuation for a player that cost an initial £8.4m back in January 2023.
Nevertheless, according to BBC Sport journalist Nizaar Kinsella, who was commenting on X, a resolution has now been found that suits all parties.
Fofana will seemingly sign for AEK Athens on loan with the Greek outfit possessing the option to sign him for £20m next summer, subject to paperwork being finalised and a medical.
That option is not mandatory, realistically meaning that the figure is to set the bar for future negotiations with AEK or another interested party.
The attacker, who contributed six goals and two assists on loan at Union Berlin and Burnley in 2023-24, still has five years remaining on his Chelsea contract.
What is the situation with other players?
Although Chelsea had hoped to find a new club for Ben Chilwell, it appears increasingly unlikely that the left-back will move elsewhere before Friday's deadline for the Turkish transfer window.
Carney Chukwuemeka is allegedly attracting interest from one of Super Lig's top clubs, despite having now been reintegrated back into Maresca's first-team squad.
The same applies to Cesare Casadei, while Harvey Vale, Alex Matos and Deivid Washington appear in line to remain with the Under-21s.