M’Vila has been dubbed the new Patrick Vieira and has also been linked with the likes of Manchester United, Liverpool, Tottenham and Arsenal.
Chelsea scouts have watched M’Vila in action this season, but the midfielder has hinted he may decide to stay in France for one more year.
M’Vila said: “I’m in no rush – I’m only concentrating on my football. My agents are talking with the president at Rennes and I am calm.
“I like to live the present and at the moment, the only certainty is that I have a contract signed here until 2014.”