The report claims Dortmund are ready to offer Chelsea £14m for the Belgium international. But speculation has mounted that Bayer Leverkusen may be willing to take him as part of a deal for highly-rated German international Andre Schurrle.
The 22-year-old has been a long-term Chelsea target, and the Blues may look to go in for the forward again this summer.
But the report claims Chelsea do not want to sell De Bruyne less than 12 months after paying Genk £7m for his services.
The skilful Belgian was immediately loaned to Werder Bremen, and his impressive performances in the Bundesliga have caught the eye of Dortmund and Leverkusen.
The 21-year-old has been an ever present in a disappointing campaign for Bremen, making 29 appearances so far this term - only goalkeeper Sebastian Mielitz has made as many appearances in the league.
He leads the club with nine assists, and has added six goals. Such performances have attracted the attention of Dortmund and Leverkusen - both of whom are competing at the right end of the table.
De Bruyne is one of several highly rated Chelsea youngsters out on loan - including his Belgian international teammates Thibaut Courtois & Romelu Lukaku, and Lucas Piazon at Malaga.