The Daily Mail says the Blues had a £17million bid for the 18-year-old rejected on Tuesday and Santos insist they will not do business for less than the player's £29.6m release clause.
However, the forward is wary of turning down an opportunity to join one of the best clubs in the world after already missing out on a move to West Ham United.
His agent Wagner Ribeiro said: "I'm having a meeting with the boy's parents and another with Santos, but most important of all is what the boy wants.
"But what tips the scales will be the boy himself. He is not ready to go to Europe - no boy of his age is - but he already knows what he wants."