The highly rated attacker spent the season on loan to Ajax where impressed with his 13 goals in 39 appearances.
A section of the Blues’ fans had been hoping Traore would be retained, more especially with Diego Costa set to leave the Stamford Bridge side.
But those hopes have been dashed by reports that Traore has agreed to join Ligue 1 side, Olympique Lyon.
L’Equipe reports that the 21-year-old has given his agreement to join Lyon this summer and has agreed personal terms with the club.
This was confirmed by Lyon president Jean-Michel Aulas who revealed that talks are at an advanced stage with Chelsea about signing Traore.
"We want to bring Bertrand Traore, there are advanced contacts but many clubs are interested,” Aulas told reporters at the unveiling of Brazilian full-back Fernando Marcal on Friday.
Premier League pair Everton and West Ham United will need to look elsewhere as Traore's loan move to Lyon now looks certain.