Chiesa, 27, is increasingly likely to leave Liverpool after just one season with several clubs across Italy interested in bringing him home.
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Napoli, Roma, Inter, AC Milan and Atalanta have all been linked with a move for the winger with Liverpool happy to let him leave for a fee of around £15 million.
Per Sky Sports, Arne Slot’s side will make a move for Fofana, 20, should Chiesa end up leaving the club this summer.
Chelsea have also registered an interest in the winger who is valued at around €50m (£43m/$58m) by French giants Lyon.
The report adds that Lyon will be hoping interest from the two clubs will lead to a bidding war for the Belgian and earn a fee closer to £60 million.