The 22-year-old suffered a devastating ACL injury in pre-season, days after Chelsea won the FIFA Club World Cup.
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According to BBC Sport, Chelsea are now confident that the academy graduate could return to action before the end of the season.
Former manager Enzo Maresca insisted the club sign a new central defender to replace Colwill, but his request was turned down by the board.
Chelsea have since change their mind, and are in talks to sign Rennes youngster Jeremy Jacquet to boost their defensive options.