New Blues boss Andre Villas-Boas initially wanted to sign the 30-year-old on a season-long loan as a short-term replacement for Michael Essien, who will miss up to six months with a serious knee injury.
Something to shout about: Aston Villa and Chelsea are chasing wantaway Scott Parker
But Parker and West Ham are keen on a permanent deal and Villas-Boas is weighing up a ?7.5m offer to beat off interest from Aston Villa.
The Midlands club tabled a ?7million bid for the England midfielder and were ready to offer Parker ?65,000-per-week plus an extra ?5,000 appearance bonus to join.
Tottenham manager Harry Redknapp also wanted Parker but he dropped his interest because it did not make financial sense to the club.
Back for good: Parker is keen on a permanent return to Chelsea
'If you take into account the fee of around ?8 million, signing-on fees and wages you're talking about a ?30 million deal,' he told the Sunday Mirror.
'There is no way the club would sanction a deal for a 30-year-old who would have no resale value at the end of his contract.
Parker, who signed for Chelsea from Charlton for ?10m in 2004, played 45 minutes in a pre-season game at Bishop's Stortford on Saturday.
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Source: Daily Mail