Ratcliffe, 65, boss of petrochemicals giant Ineos, who is knighted today in the Queen's Birthday Honours for services to business and investment, is understood to have offered about £2bn for the club.
Purchasing the Blues would cost Ratcliffe over £1bn but the bid was rejected by our Russian owner as he made it clear he is not looking to severing any ties with the Premier League club, despite recent issues.
Meanwhile, TUKO.co.ke previously reported how Abramovich was reportedly planning to sell his Premier League club Chelsea and he has demanded a whopping sum of KSh 156.7 billion if he made a decision to sell Chelsea.
Last month's Sunday Times rich list valued Ratcliffe at £21.05bn, compared to Abramovich's £9.3bn valuation. Ineos's annual turnover is about £45bn and it employs more than 18,500 people in 22 countries.
A close ally of President Putin, Abramovich bought Chelsea in 2003 in a deal worth £140million.
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.
However, following the crackdown on wealthy Russians living in Britain after the poisoning of Sergei Skirpal and his daughter, Abramovich is finding it hard to obtain a United Kingdom visa.
The Treasury refused and for six years the Ineos headquarters remained in Switzerland.
Some, however, wondered whether Chelsea FC would've been better off under Ratcliffe's patronage.
A spokesman for the company told the Press Association: "We can't comment on market rumour or speculation".