The German side had previously revealed that the Champions League winners were ready to pay in excess of £16 million for the 21-year-old.
Leverkusen CEO Wolfgang Holzhauser claimed at the weekend that Schurrle wasn't looking for a move and is happy at the club. However, he has now admitted that he cannot rule out that the transfer would take place.
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He told Rheinische Post: "I am not keen on ruling anything out at any point in time, but personally I have laid this topic to full rest last weekend.
"Of course, we have seriously considered the offer. We did. Still we came to the conclusion we would be unable to sign an adequate and affordable replacement for Andre Schurrle."
Schurrle scored 20 goals for Mainz over two seasons before joining Bayer Leverkusen where he managed seven goals in his first season, forcing his way into Germany's Euro 2012 squad.
Chelsea have already added attacking talents Marko Marin and Eden Hazard to their squad this summer and Roberto Di Matteo may be keen to make further acquisitions as unsettled striker Daniel Sturridge could be on the way out of Stamford Bridge to Liverpool.