The 25-year-old defender has become a first-team regular under Thomas Tuchel, playing the 90 minutes in four of the Blues' five top-flight matches this season as well as figuring heavily in their run to Champions League glory last term.
It represents a dramatic turnaround in negotiations with the Blues, who the report adds initially offered Christensen a lower salary than the £78,000 per week he currently takes home every week.
It is thought the Blues were happy to keep him as a squad player when they made that first offer, believing his status as a fringe player at the time did not merit the sort of salary they have now offered him.
Christensen - who has now been part of a defence that has kept 38 clean sheets in 46 games - has however since fought his way back into the German's plans, with Kurt Zouma the man who eventually left the club in a £30million deal for West Ham.
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