The 17-year-old has been dubbed ‘the new Kaka’ by the Brazilian press.
The Blues are reportedly looking to complete the signing of Piazon when he turns 18-years-old.
Piazon spent a week training with Juventus two months ago and it was believed he would join the Italian side.
Chelsea owner Roman Abramovich is reportedly ready to pay between £5million and £8million for the talented Brazilian.