The 25-year-old has made 80 first-team appearances since emerging from the youth ranks at the West London club.
Chalobah missed a significant amount of the 2023-24 campaign due to injury, but he still managed to force his way into Mauricio Pochetitino's plans for the final few months of the season.
The defender started 13 of Chelsea's final 17 matches of last season, helping the club achieve European qualification and reach the FA Cup semi-finals.
Unfortunately for Chalobah, a change of manager has resulted in him being deemed surplus to requirements alongside the likes of Ben Chilwell and Raheem Sterling.
Palace agree Chalobah deal
Chalobah has not featured in any of Chelsea's four matchday squads this season, and he is on the hunt for an escape route before the transfer deadline.
Palace are set to offer Chalobah a way out of Stamford Bridge, with The Athletic reporting that the Eagles have agreed a deal with Chelsea over a loan move.
The report claims that the deal contains no obligation to buy clause, but Palace are set to pay an undisclosed fee to take Chalobah on loan for the season.
The Chelsea academy product will undergo a medical before he can be unveiled as the latest member of Oliver Glasner's side.
Could Palace finish the transfer window with a stronger backline?
Palace have spent the majority of the transfer window worried about the potential departures of Joachim Andersen and Marc Guehi.
They were unable to retain the services of Andersen, who completed a permanent move to fellow London side Fulham earlier this month.
However, Glasner has confirmed that the club will keep hold of Guehi after rejecting multiple bids from Newcastle through the summer.
They bolstered their backline with the addition of Chadi Riad earlier this summer, and have now completed the signing of Maxence Lacroix from Wolfsburg.
If they are able to recruit Chalobah, Palace will certainly feel that their backline is in a stronger shape than at the start of the window.