The homespun defender spent last season on-loan with Sheffield United last season.
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With his path to the first team becoming increasingly crowded, Gilchrist is expected to accept a move away this summer, says The Sun.
Chelsea are ready to drop their original asking price of £8m down to £5m to help the centre-half find the right club.
Interest is arriving from the Bundesliga and the Saudi Pro League, while Championship clubs Derby, Blackburn and MIddlesbrough are also keen.