The 26-year-old is thought to be the subject of serious interest from the Blues, having caught the eye of Galatasaray and Arsenal previously
The Turkey international is a highly-rated attacking player and has enjoyed a successful season with the Rojiblancos, having secured the Copa del Rey against rivals Real Madrid and a third-placed finish in La Liga.
Galatasaray have been closely monitoring the 26-year-old's progress but their president admits they would be unable to offer the kind of money the Blues have.
"Chelsea are involved with Arda and we won’t be able to match what they are offering,” Aysal told Turkish newspaper Milliyet.
The west London club are looking to add depth to their squad in time for next season, having struggled to compete with the likes of Manchester United and Manchester City in the Premier League, and some of Europe's top clubs in the Champions League.
Arda would offer competition in wide areas to the likes of Eden Hazard and Oscar, with Bayern Leverkusen's Andre Schurrle another potential option out wide.
Arda, who has a contract until 2015, has scored four league goals and six assists this season for Atletico.