The Spaniard fell out of favour at the San Siro last term following the rise of Gianluigi Donnarumma and that has left his future in Italy uncertain.
Antonio Conte is on the lookout for a back up shot-stopper to Thibaut Courtois and the Blues have now opened talks with Lopez over a move, the Daily Mailreport.
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The Italian spent last season on loan at AC Milan where he scored one goal in 20 league appearances.
Express Sportunderstands the Reds are keen to sell him, but with no clubs showing interest they have ordered him to undergo fitness tests with the rest of the squad on Saturday.
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The Frenchman has been tipped as a possible candidate to take the top job, but The Sun claim he has no interest in leaving Arsenal to move to the international scene.
The 66-year-old is also said to have concerns about the FA’s infrastructure.