The 26-year-old Senegalese star has been in fine form for the Magpies this season, and has attracted attention from a host of rival Premier League clubs.
In the absence of a full-time manager, Blues owner Roman Abramovich plans to continue his Stamford Bridge project of overhauling Chelsea's ageing squad in favour of bringing in new and exciting talent.
Ba has been a prolific marksman for Alan Pardew's Toon Army since he moved to St James' Park from West Ham in the summer, scoring 16 league goals.
Despite continued speculation linking him with a move away from the North East, Ba insists he is happy playing his football at Newcastle.
"It is rumours like you get in football," the African ace told Sky Sports. "I am happy with Newcastle and I enjoy being here and playing for the Toon Army. I enjoy being in this team.
"We have a good team spirit and I love the North East, where I have my country-mate, Papiss Cisse."
Chelsea have also been linked with a summer move for Ba's teammate Cheick Tiote, but so far no bid has been received by Newcastle.