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Spanish media outlet Estadio Deportivo say the two clubs have agreed a £1.3m loan fee for the Belgium international.
The Blues will receive a bonus if Sevilla qualify for the Champions League.
However, it’s suggested a permanent transfer is not on the cards and Antonio Conte will only sanction his departure once he’s sourced a replacement.
The Italian chief doesn’t want to be left short of attacking options despite seemingly not fancying Batshuayi.
Since signing from Marseille he has managed a meagre three Premier League starts.
West Ham forward Andy Carroll has been heavily linked with a move across London.
Michy Batshuayi next club odds
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“Michy Batshuayi could leave Chelsea this month”
But so far a deal for the experienced target man is yet to materialise.
Hammers' boss David Moyes insists he’s not looking to offload players this month.
Speaking recently, the scot said, "We have got no players here who we want to leave. We need to add to our squad.
So, ideally, we strengthen.
"My intention is not to let anyone go."
Carroll has bagged 25 Premier League goals for the Hammers since signing for the club permanently in 2013.