Ziyech, who sealed a £36.7million move to Stamford Bridge from Ajax in July 2020, has fallen out of favour after a difficult first year in the Premier League.
The 28-year-old has been heavily linked with a Milan move for several weeks over the summer.
Now Calciomercato claims the Blues have snubbed an attempt from the Serie A club to sign the Moroccan international on loan.
And that Chelsea are only interested in doing business if it is a permanent transfer.
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