The 22-year-old is one of several players Chelsea are trying to shift before the end of the summer transfer window.
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Fofana joined the Premier League club from Norwegian side Molde back in 2023 and has since been sent out on loan to Union Berlin, Burnley, and Goztepe.
According to the Times, Wolves are interested in signing the Ivorian permanently before the end of the month.
A move won’t be straight forward, however, with TEAMtalk reporting that French duo Toulouse and Nice are both keen on making a move.