The report claims Chelsea will offer the former-Inter Milan man a two-year deal - the west London team typically only offers players over the age of 30 one-year contracts.
Didier Drogba was offered a one-year extension, as was Frank Lampard and Ashley Cole. But the Blues are ready to show a sign of commitment to the 32-year-old forward by handing him the security of a two-year deal.
Chelsea boss Jose Mourinho has turned to Eto'o after failing to land his top target, Manchester United's Wayne Rooney.
And he's is available for just £1.5m, according to the report, as Anzhi Makhachkala look to offload their highest earners.
The former-Inter forward was believed to be the world's highest earner at the Russian club, although the report claims he will not be offered a wage anywhere near that level by Chelsea.
The 2012 European Champions view Eto'o as an upgrade over their current options - Fernando Torres, Romelu Lukaku and Demba Ba.
Lukaku has the raw potential to force his way into the first team given time, but Mourinho reportedly doesn't retain much faith in either Torres or Ba to lead the line this season.
The 32-year-old Eto'o would therefore fill the gap for the Blues, until they find the right target to bring in - whether that's in January or next summer.