The 27-year-old has been scouted by Manchester United, which had been keen to tie up a January move, but the Blues look to be the more likely option following negotiations.
Goal reported on Wednesday that Chelsea had stolen ahead of Manchester United in the race to sign the Colombian, who is excited by the prospect of playing for Jose Mourinho.
While United manager David Moyes had sent representatives to Italy to discuss a deal, agent Marcelo Ferreyra has admitted that he has already been in London to talk to the Blues.
"I can confirm Chelsea's interest in Fredy," he told Caracol Radio. "It's now up to the clubs to discuss a deal. We'll open talks once they have agreed terms. We have already been to London with Inter and met with Chelsea directors to make their interest formal.
"There have been talks as part of negotiations. If both clubs reach an agreement, a transfer is an option, but Fredy is happy at Inter as well if they don't agree terms. Fredy feels important under [coach Walter] Mazzarri. The upcoming World Cup also plays a role. We will also meet with [Inter owner Erick] Thohir to see what Inter's project looks like."