The Sun says the Finland Under-19 defensive midfielder, 17, is being watched by a number of top European clubs.
But Chelsea are hoping to pounce once he turns 18 in August and the sale of the Blues is completed and their transfer ban lifted.
Hyrylainen has one year left on his contract with Germany's Europa League finalists.
Chelsea's takeover is subject to approval from the Premier League and the government, but Premier League Chief Executive Richard Masters has said the deal could be concluded within 10 days.
Source: Tribalfootball
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