The Blues are prohibited from registering new players for two windows after breaking FIFA rules regarding the purchase of foreign players under the age of 18.
Chelsea are currently banned from making new signings until next summer, although some club officials are hopeful that the suspension could be reduced by the Court of Arbitration for Sport.
If they are permitted to make acquisitions in January, Chelsea will target Nice right-back Youcef Atal, according to Calcio Mercato.
The Algerian enjoyed an excellent season in Ligue 1 last time out and is also thought to be on Valencia’s wish list.
And according to Soccerlink, Chelsea could also launch a move for Valencia left-back Jose Gaya whenever their ban expires.