However it is understood that Abramovich has rejected the offer with the club saying that its owner - worth around £1.3billion - remains committed to the club.More news: Stylish sisters Eugenie and Beatrice steal the show at Queen's birthday
Chelsea declined to comment on the reports.
He also knows all about running football clubs after purchasing FC Lausanne-Sport in November - who were relegated from the Swiss Premier League last season. Ineos's annual turnover is about £45bn and it employs more than 18,500 people in 22 countries. He took on the club's debts, which were estimated at £80m, and has ploughed hundreds of millions into Chelsea, winning five Premier League titles and the Champions League.
However following Theresa May's crackdown on filthy rich Russian's living in the United Kingdom in the aftermath of the Salisbury chemical weapon attack, Abramovich has faced difficulties renewing his United Kingdom visa.More news: Aletta weakens to Category 3 hurricane
Chelsea's future has become uncertain since Abramovich ran into UK visa problems, which caused him to miss Chelsea's FA Cup final victory over Manchester United last month.
Downing Street has made it clear that he cannot work in Britain on his Israeli passport, although he can visit for up to six months at a time. It returned to Britain two years ago, where it is based near Harrods in London's Knightsbridge.
But it appears Ratcliffe won't be getting near Chelsea any time soon, despite dwarfing Abramovich's personal wealth by around £11bn.More news: Oops! 'Fox and Friends' host calls Trump a 'dictator'
A spokesman for Ineos said they did not respond to market rumour or speculation and Chelsea, who refused to comment publicly on the story to the Mail, did not respond to phone calls from Reuters.