Luis has struggled to make an impact at Stamford Bridge and has played second fiddle to Cesar Azpilicueta since joining the Blues for a reported £16m fee from Atletico last summer.
The 28-year-old is set to make a move back to the Vicente Calderon despite having two years remaining on his deal with the Premier League champions.
According to The Mirror, the Blues will move quickly to replace Luis with with the signing of Rahman.
Rahman was one of the standout performers with surprise packets Augsburg in the Bundesliga last season and helped the club clinch a Europa League spot with a fifth-placed finish.
The Ghanaian international has also been linked with Arsenal and Manchester City, but The Mirror reports the Blues are confident of luring the 20-year-old to Stamford Bridge.
Should Rahman sign, he will become the fourth confirmed addition to the Blues squad this summer, with Radamel Falcao, Nathan and Asmir Begovic all putting pen-to-paper with the club.
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