The 19-year-old made 38 appearances during his first season at Stamford Bridge, scoring eight goals and providing three assists.
After joining in a £29M deal from Palmeiras last summer, Estevao was noted as one of the best young talents in Europe.
However, he has slowly been pushed out the side by new manager Xabi Alonso under his new system, which relies more on Cole Palmer, Morgan Rogers behind Joao Pedro in attack.
Speaking on the reports claiming Estevao is unsettled, Alonso says the teenager is fully focused on his role at the club and is committed to the Blues.
“No, Este is ready. He's training well. The other day, he had a good impact and a good chance.
“With Este, I count on him 100% because of his potential because he's so young. The season is going to be long.”
Has he spoken to Estevao: “Private conversations should remain private. The season is going to be long.
“The players have the desire and the hunger to improve. Este is part of the group - he has a very good attitude and mentality to prepare for every game.”
Estevao has now played 16 minutes plus stoppage-time in the Premier League this season and will seek to make more of an impact against Leeds in the EFL Cup third round on Wednesday night.