Sportarena.com says Chelsea club have set their sights on the 26-year-old who only joined the Italian side in the summer.
The Ukrainian was reported to be brought to Chelsea's attention by former player Makelele. Makelele is now part of the Blues front office.
Starting his club career in Shakhtar Donetsk, Malinovskyi was sent out on loan to Genk where he impressed the Belgian club enough to later join on a full transfer.
While competing in the Belgian Pro League he scored 23 goals in 93 appearances and was a crucial part in them winning the league in the 2018/19 season.
Malinovskyi then joined Atlanta for €13.7m and so far this season has made eight appearances for the club across the Serie A and Champions League.