The Bundesliga side have not been able to agree a deal though reports have claimed that £22.5m has been tabled.
Wolfsburg general manager Klaus Allofs told Wolfsburger Nachrichten: “There is no agreement at the moment.”
“The clock is running out. Our options are getting less hour by hour. It depends on money. We still would like to sign him.”
The winger’s departure from Stamford Bridge is thought to pave the way for Fiorentina’s Juan Cuadrado to arrive.
But with the deal halted, Chelsea could be stuck in a difficult situation as the transfer deadline looms.
Schurrle is believed to have been keen to leave the Blues after failing to secure a first team spot ahead of Willian, since his £18m from Bayer Leverkusen in 2013.
Wolsburg had originally bid £23.5m for the Wold Cup winner but the Blues are reportedly looking to secure a fee closer towards £30m.
By Phil Wellbrook