Higuain was hotly-tipped to join the Gunners in the summer but instead moved to Napoli to replace the Paris bound Edinson Cavani.
Jose Mourinho knows he is one in-form striker away from a serious Premier League challenge but at the moment he is left with three who are very much misfiring.
Fernando Torres, Demba Ba and Samuel Eto'o have disappointed and Mourinho knows he has to make a big move if he is to have a successful first season back at Stamford Bridge.
While money isn't really an object for Chelsea, Mourinho can raise funds by getting rid of two of his flop strikers, Torres and Ba.
With Eto'o out of contract in the summer he is likely to stay until May and the on-loan Romelu Lukaku will return from Everton at the end of the season to bolster Chelsea's attacking options.
Higuain has scored 13 times in 21 games this season, the same amount as the Blues' three strikers have mustered in a combined total of 49 appearances.