Maurizio Sarri is set to take over at Stamford Bridge and he has reportedly earmarked the Argentine as a target, having worked with him for a season at Napoli.
Morata struggled to adapt to life in the Premier League and is keen on a return to Turin, meaning Chelsea are ready ‘to propose’ the swap, according to La Gazetta dello Sport.
The Blues have yet to make contact over the possible switch although intermediaries have opened up a dialogue between the two clubs.
Juventus value their 30-year-old forward at £61million and it remains to be seen whether an additional fee would be offered in any deal.
Massimiliano Allegri is thought to be interested in welcoming Morata back after he excelled during two seasons at the club between 2014-16.
He scored 15 goals and had the welcome habit of scoring at crucial moments, particularly in the Champions League.
A return to Real Madrid followed but after a season deployed largely as a substitute, Morata moved to Chelsea for £58m.
If a swap deal can materialise then the 25-year-old could make his third move in as many years.
Higuain is entering the twilight of his career but has a proven track record as a goalscorer, netting 23 times in all competitions last term.
He was an unused substitute on Saturday as Argentina crashed out of the World Cup after a 4-3 defeat by France.