The Premier new boys are already thought to have had a £4million rejected for the 21-year-old earlier in the summer but Blues manager Carlo Ancelotti is supposedly more receptive to a loan move.
The England Under-21 international has already had a short stint at Molineux having spent three months of last season at the then Championship club.
The youngster's performances were so impressive that England manager Fabio Capello even called him up for the friendly against Germany in November.
"I don't think Chelsea will allow him to leave on a permanent basis," Moxey said.
"We've not necessarily finished our business. We haven't used a loan yet so they are available to us."
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