Toney has less than a year left on his contract and was left out of Brentford's first two Premier League games as his future remains undecided.
The 28-year-old striker has a lucative offer from Al Ahli meaning Chelsea would not be able to offer the same amount of wages but would be able to offer the chance to stay in London and Premier League football.
Al Ahli have yet to meet Brentford's valuation for the England striker which could leave the door open to Chelsea who want a new number 9 after the deal with Napoli for striker Victor Osimhen looks to have fallen through.
Brentford boss Thomas Frank spoke in his press conference on Tuesday about Toney’s future.
"Today, we have nothing to say about Ivan Toney.
"Right now I have two players. Very happy.”
Chelsea have already spent over £150m this summer and would likely have to sell a few talents if the Toney deal is to happen.
This is Brentford’s last chance to earn money for the striker who has one year left on his contract which Jamie Redknapp spoke about with Sky Sports.
"Toney has a year left on his contract, so it is Brentford's last chance to get some genuine money for him and he is looking at his options.
"A year ago he had a lot more than he has now. We thought he would go to Arsenal but that did not happen. Chelsea have looked at him. But I feel Saudi Arabia is an opportunity for him. There is interest there.
"Or he could sit, see out his contract and leave as a free agent next year, but he probably wants to do something now."