However it is understood that Abramovich has rejected the offer with the club saying that its owner - worth around £1.3billion - remains committed to the club. Ineos's annual turnover is about £45bn and it employs more than 18,500 people in 22 countries.
Ratcliffe's plans to buy Chelsea might not see the light of the day as his offer was quickly discarded, with the Chelsea owner stating he had no intention to sell the club.
Ratcliffe, who grew up in Manchester, has not previously linked with buying into English football. That's all I was interested in'.
Mr Ratcliffe is a Chelsea season ticket holder and already owns a football club in Switzerland.
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In the last couple of years, Abramovich has invested heavily and his money has no doubt helped Chelsea claim five Premier League titles, the FA Cup, the Champions League as well as the Europa League. He has been granted Israeli citizenship, but is only able to visit England for six-months at a time.
The club announced at the end of last month that their plans to redevelop Stamford Bridge had been put on hold, which was interpreted in some quarters as Abramovich's response to delays over the issuing of a United Kingdom investor's visa.
In 2010, when Gordon Brown was Prime Minister, he moved his operations to Switzerland following a row over his wish to postpone Value-Added Tax payments for six months. It returned to Britain two years ago, where it is based near Harrods in London's Knightsbridge.
He is providing financial backing for the Daily Mile Foundation charity and has said that one of his missions is to improve the country's health.
A spokesman for the company told the Press Association: "We can't comment on market rumour or speculation".