As per The Athletic, Reece James is making £70,000-a-week and is aware that he is 'underpaid' given the value he provides to the team.
Last season, the right-back was involved in as many goals (14) in the Premier League than Trent Alexander-Arnold despite playing fewer games than his Liverpool counterpart.
For context, Trent is now reportedly earning over £150,000 a week after signing a new long-term deal last summer with Liverpool.
The report claims that Chelsea are 'playing a dangerous game' as they have not yet offered the right-back a new deal.
He has three years left on his deal and there is significant interest from Real Madrid and Manchester City.
James was offered a new deal under Frank Lampard's tenure but he is well due a new one - Chelsea must tie him down to a new contract to ward off interest from other clubs.
Source: The Athletic