The England Under-21 starlet’s current contract is set to expire at the end of the season.
The 20-year-old impressed for West Brom in the Capital One Cup clash with Arsenal in midweek.
Berahino said: “West Brom has been fantastic and given me a brilliant football education.
“We are having talks at the moment and I would like to sign a new deal because I think I’m worth it. We will have to wait and see but I’m just enjoying what’s happening now.
“There is no limit to your dreams. It’s been a long journey for me and I never want it to end.”
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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.