Though the deal is not yet done, there is a sense that Bakayoko will soon be a Monaco player as talks continue between the various parties.
Chelsea were initially not keen to see the 25-year-old return to his former club, but they have since softened their stance as the September 2 European transfer deadline approaches.
Bakayoko played 84 times for Monaco and he was a crucial part of the Provincial club's Champions League run of 2016-17 that led to the Blues paying £40m ($49m) to sign him that summer.
However, he is now deemed surplus to requirements after struggling in his first year at Stamford Bridge under Antonio Conte and then being discarded by both Maurizio Sarri and now Frank Lampard.
Bakayoko featured in pre-season but Lampard admitted he was open to selling the midfielder, who has played just 43 times for the Blues.
AC Milan turned down the option to turn their loan move permanent for €35m (£32m/$39m) over the summer after failing to qualify for the Champions League.
Paris Saint-Germain explored the chance of signing the wantaway star who grew up in their city but opted to sign Idrissa Gana Gueye from Everton instead.
Galatasaray wanted Bakayoko but they were always seen as an outsider as the Blues aimed to see the midfielder playing at the highest possible level.
Additionally, Chelsea are looking at possible options for Kenedy, who is keen to leave Stamford Bridge over fears of not getting enough game time under Lampard.
This comes despite an impressive pre-season in which he played 282 minutes but the Brazilian has since been dropped from Chelsea's matchday squad since Willian's return from injury.
Callum Hudson-Odoi's return after the international break presents a further challenge to the 23-year-old - whose contract expires next summer - with the Blues preferring to sell Kenedy rather than loan him out.
Davide Zappacosta recently joined Roma on loan, but there was no option to buy, leading to him extending his contract before he got his temporary move.
Kenedy would be left needing to do the same if only loan offers arrive for the former Fluminense star, while he could well opt to run down his Blues contract instead.