The 18-year-old is highly rated at Villa Park but his long-term future at the club is believed to be uncertain as he has just 12 months remaining on his contract.
According to 90min, Chukwuemeka is currently reluctant to sign a new long-term deal as he is keen to seek assurances over regular first-team football under Steven Gerrard.
The report adds that if the Englishman decides to run down his contract and leave for free next summer, Villa could only be due around £250,000 in training compensation.
Uncertainty over the midfielder's future is believed to have alerted a number of top European teams, with Premier League quartet Man United, Arsenal, Man City and Newcastle United are all closely monitoring his situation.
Elsewhere in Europe, La Liga giants Barcelona allegedly hold a 'serious interest' in Chukwuemeka, while Atletico Madrid, Bayern Munich, Borussia Dortmund and Juventus are also keeping tabs on the Englishman.
Chukwuemeka, who made 12 Premier League appearances for Villa last season, was a standout performer for England at the Under-19 European Championships and scored in the final to help the Young Lions win 3-1 against Israel earlier this month.