Fairfax Media reports that a deal for the match on 2 June at Sydney's ANZ Stadium has been agreed to in principle and could be publicly announced next week.
The match could be a champion versus champion face-off, with Chelsea heavy favourite to win the EPL title, while Sydney FC is heavily in contention to win the A-League.
Chelsea will be a here only a week after fellow EPL side Tottenham Hotspur also meets Sydney FC at ANZ Stadium on 30 May.
It will be a winter feast for Australia football, with three other massive international clubs - Real Madrid, Roma and Manchester City - coming in July to play a round-robin tournament in Melbourne.
