The Premier League giants announced the alleged £57.6m deal in June with the 17-year-old not in a position to move to Stamford Bridge until after his 18th birthday.
With a July transfer in the offing, the teenager has been bidding to win the league crown with his current club having helped haul them back into contention in recent weeks.
At a time when long-time leaders Botafogo have recorded three draws in a row, Palmeiras posted three successive victories to take the clubs into a potential title-decider at Allianz Parque on Tuesday evening locked on the same points in the Serie A table.
Furthermore, Estevao recently extended his record-breaking season by advancing to 12 goals and nine assists, the best return of a player below the age of 18 in the history of the division.
However, despite the momentum having been with the home side, it was Botafogo who came through with a 3-1 victory, helped by the 70th-minute dismissal of Marcos Rocha.
Adryelson the surprise hero for Botafogo
With just four league starts to his name all season, Botafogo defender Adryelson would not have envisaged making a significant impact in a match of this magnitude.
Nevertheless, soon after the 26-year-old was introduced as a substitute, the visitors went in front through midfielder Gregore.
Palmeiras would have felt in the game at 1-0 down heading into the final quarter, only for Rocha to lash out - albeit with minimal contact - when tussling with Igor Jesus and receiving a straight red.
Three minutes later, the blow was compounded as Jesus provided the assist for Jefferson Savarino to double Botafogo's lead with 17 minutes to go.
Adryelson's moment came in the final minute of normal time, powering home a header at the back post. Although Richard Rios scored a late consolation for Palmeiras, the game was already over as a contest.
After the contest, Adryelson was shown holding a video call with Botafogo owner John Textor, who also has Crystal Palace, Lyon and RWD Molenbeek in his stable of clubs.
How does the Brasileiro table look?
With two matches remaining, Botafogo hold a three-point lead over the defending champions, but a home encounter against third-placed Internacional is still to come.
Artur Jorge's side then host Sao Paulo - who occupy sixth position - in their final game. By comparison, Palmeiras play Cruzeiro and Fluminense, who are in seventh and 16th spot respectively.