The 20 year-old Argentine spent last season on-loan with relegated Leicester City.
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Leeds have been in talks with Brighton over a loan arrangement, but now Chelsea have stepped in.
BBC Sport says Chelsea are also open to taking Buonanotte on-loan in an effort to circumvent the Premier League's Profit & Sustainability rules.
Buonanotte would arrive as a replacement for Noni Madueke after his sale to Arsenal.