The 17-year-old has turned down a new deal at Wolfsburg and will leave the club at the end of the season.
“Julian Brandt has turned down the offer to sign a new contract with VfL Wolfsburg,” a Wolfsburg spokesperson told Deutsche Presseagentur.
“As he is out of contract at the end of the campaign, Julian Brandt will therefore depart from VfL Wolfsburg.”
The youngster has long been linked with the likes of Bayern Munich and Borussia Dortmund, but the Mirror reports that Chelsea boss Jose Mourinho has now joined the race to sign Brandt.
Mourinho is keen to bring Brandt to Stamford Bridge at the end of the season.