The left-sided center half, who can also play left-back, is keenly admired by Paris Saint-Germain.
Per The Standard, Chelsea are not in the mood to sell the 20-year-old anytime soon.
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Colwill signed a six-year deal in the summer and is said to be happy at the club where he came through the academy.
Chelsea do want to cash in on academy players, but only those on the fringes of the first team.
The likes of Conor Gallagher, Ian Maatsen, Armando Broja, and Trevoh Chalobah are more likely to go.