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Cuadrado joined the Blues back in January 2015, in a £27m deal from Fiorentina.
However, he had failed to make any impact under Jose Mourinho and joined Juventus on a season-long loan last summer.
The 27-year-old has been impressive for the Turin giants, netting four goals and six assists in 27 Serie A appearances.
And his performances have now caught the eye of incoming Blues boss Antonio Conte, who will take over the Bridge after Euro 2016.
Conte is said to be ready to give the winger a second chance, despite Juventus willingness to sign him on a permanent deal this summer.
The news may have come as a shock to Juan Cuadrado, who still feels let down by The Blues.
“When I got there, the squad was already really tight and solid,” he said in a recent post-match interview.
“I don’t think I was given enough opportunity to show what I can do, but that’s football. I’m happy to be back being a protagonist with Juventus.”