Ratcliffe, a billionaire CEO of petrochemicals giant Ineos and Chelsea season ticket holder, has subsequently expressed an interest in buying the club following Abramovich's troubles with being able to return to the country.
According to the Daily Mail, Ratcliffe offered Abramovich £2B in exchange for Chelsea - an offer that he refused.
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.
His apparent approach is reportedly one of a number Abramovich has snubbed.
Ratcliffe, who was awarded a knighthood on Saturday evening for his services to business and investment, owns a Swiss football club already and has more than twice the amount of money that Abramovich has - £21.05 billion.
The 65-year-old, who grew up in a council house in Failsworth, Lancashire, was knighted in the Queen's Birthday Honours List.More news: Prosecutor Says No Evidence of Foul Play in Anthony Bourdain's Death
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Already, Ratcliffe's company Ineos recorded sales of about KSh 6 trillion and now has over 18,500 people in 22 countries in its payroll.
The Mail quoted an anonymous "friend of Ratcliffe" as saying: "Shelling out £2bn or so would seem like a drop in the ocean for Jim but at the moment he is torn about what to do".
A close ally of President Putin, Abramovich bought Chelsea in 2003 in a deal worth £140million.
Ratcliffe's plans to buy Chelsea might not see the light of the day as his offer was quickly discarded, with the Chelsea owner stating he had no intention to sell the club.
'We can not comment on rumour and speculation, ' he said.