However it is understood that Abramovich has rejected the offer with the club saying that its owner - worth around £1.3billion - remains committed to the club.
The report claims Ratcliffe's offer was just one of a number of approaches which have been rejected, including from China, as reports suggest a fee in excess of £1bn would be required to cause Abramovich to consider ending his 15-year spell at the club.
The 65-year-old, who grew up in Lancashire, was knighted in the Queen's Birthday Honours List.
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Already, Ratcliffe's company Ineos recorded sales of about KSh 6 trillion and now has over 18,500 people in 22 countries in its payroll.
Abramovich coughed out about KSh 18.9 billion in 2003 to buy the Premier League outfit.
However, following the crackdown on wealthy Russians living in Britain after the poisoning of Sergei Skirpal and his daughter, Abramovich is finding it hard to obtain a United Kingdom visa.
The British government has made it clear that he cannot work in Britain on his Israeli passport, although he can visit for up to six months at a time.
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Ratcliffe is passionate about sport and believes primary schools should be legally required to make children run a daily mile as a means of combatting the obesity crisis.
Some, however, wondered whether Chelsea FC would've been better off under Ratcliffe's patronage.
A spokesman for Ineos said in response: "We can't comment on market rumour or speculation".
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