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The Bosnian striker could not agree permanent terms with the Premier League side. Chelsea were reluctant to hand a long-term deal to a striker who turns 32 in March.
Despite that, the Blues have continued to negotiate for Emerson. He has played just 16 minutes in Serie A this season as he has continued his recovery from a cruciate ligament rupture.
Emerson has agreed a four-and-a-half year contract after Chelsea and Roma agreed a fee an of €20m for the defender.
The deal to sign the Brazilian is all but confirmed. There could be another €8m in bonuses.
With Džeko now off the table, Chelsea are being strongly linked with a move for Olivier Giroud, who Arsenal are reluctant to sell to their London rivals.