The Ghana international can leave Bournemouth in the first two weeks of the January market for a set fee of £65m courtesy of a buyout clause.
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However, Chelsea had the chance to sign Semenyo back in 2019 for a cut-price £2m, says talkSPORT.
At the time, Semenyo was impressing on-loan with League Two Newport County on-loan from Bristol City.
Chelsea scouts were impressed and an offer of £1m was made to Bristol City - and turned down. The Blues were informed they could sign Semenyo for £2m - but management chose not to return with an improved bid.
Bristol City eventually went onto sell Semenyo to Bournemouth in January 2023 for £10m.