Last month, the Hatters pulled off one of the achievements of the season as they earned promotion to the Premier League through the Championship playoffs.
The club's board are obligated to make millions of pounds worth of improvements to their Kenilworth Road ground, an effort which will take away from the club's funds for the market.
Nevertheless, Rob Edwards will be given the freedom to try to make the necessary changes to his first-team squad, albeit on a budget.
As it stands, Luton are yet to add to their squad, the only notable development being defender Sonny Bradley and midfielder Henri Lansbury being released at the end of their contracts.
However, according to Football Insider, Edwards is interested in signing a player who came through the Manchester United academy system.
At one stage, Chong was tipped to eventually become a regular part of the senior setup at Old Trafford, but he only went on to make five substitute outings in the Premier League.
A further three starts and seven substitute appearances came in other competitions, the versatile playmaker ending his time at United with just two assists from those matches.
Since then, though, the former Netherlands Under-21 international has kick-started his career at Birmingham, chipping in with five goals and eight assists from 61 games.
With three years left on his contract, Chong remains a key man in John Eustace's squad at a time when Blues are also starting a new era under different ownership.
That said, the report claims that Luton have already made contact with their Birmingham counterparts in a bid to try to negotiate a transfer.
The West Midlands outfit are theoretically no longer in a position where they need to sell, a result of Jobe Bellingham being sold to Sunderland and the sale of his older brother Jude Bellingham from Borussia Dortmund to Real Madrid generating a substantial sell-on clause.
Much will depend on the size of any offer made by Luton, Birmingham likely wanting to make a big profit on the £1.5m that they paid in September.