La Blaugrana have been heavily linked with a potential move for the veteran defender ahead of the 2022/23 La Liga campaign.
The Blues previous economic sanctions had appeared to confirm Azpilicueta’s departure when his contract expired next month.
German international Antonio Rudiger has already joined Real Madrid on a free transfer from the club but Azpilicueta’s situation is more complicated.
With the UK Government sanctions now removed, Chelsea can negotiate a renewal, with an extension clause activated, after the 32-year-old made over 30 appearances in all competitions last season.
According to reports from Marca, Chelsea are happy for Azpilicueta to make the decision on his future, but they will demand a transfer fee.
The clause means he is tied to Stamford Bridge with Chelsea potentially looking for a deal in the region of £13m for the Basque full back.