The Russian oligarch put the club on sale after Russia's invasion of Ukraine, committing the proceeds to the victims of the war. He had bought the club nearly two decades ago, but a new owner is now on the horizon, with Candy showing interest.
The 49-year-old, a lifelong Chelsea fan, is also in talks with a few American investors to form a consortium before tabling a bid. Candy and his potential partners are well aware that their valuation of the club is short of Abramovich's asking price of £3 billion.
However, as the Russian billionaire seeks a quick sale to avoid getting sanctioned by the UK government as early as next week, a bid of £2.5 billion could work.
The American billionaires who've been linked with buying the Blues side include New York Jets owner Woody Johnson, Chicago Clubs chairman Thomas Ricketts and Crystal Palace shareholder Josh Harris.
A spokesperson for Candy confirmed to Sportsmail that he's looking at various options for launching a bid, saying:
"Nick Candy is actively exploring a number of options for a potential bid for Chelsea Football Club. Any bid would be made in conjunction with another party (or consortium), and we have serious interest from several international partners."
Candy has apparently been watching the club play since the age of four, while his father was also offered to represent the fabled blue colours. Candy's spokesperson added:
"Mr Candy has a huge affinity with Chelsea. His father was asked to play for the club, and he has been watching matches at Stamford Bridge since the age of four."
"The club deserves a world-class stadium and infrastructure, and Mr Candy's unique expertise and background in real estate would be a hugely valuable asset to delivering this vision."
Nick Candy looking to revamp Chelsea stadium
Nick Candy is being courted by American investors due to his property expertise. That is key in making Chelsea sustainable for the foreseeable future and the redevelopment of Stamford Bridge.
Under Abramovich, the club had announced plans to build a 60,000-seat stadium at the same site in 2015. However, the plan was scrapped three years later following the Salisbury poisonings that led to Abramovich's visa extension getting blocked.
The permissions have since expired, and Chelsea Pitch Owners are allowed to block any relocation plans unless endorsed by 75 per cent of their membership.
Other parties have expressed interest in buying the club, with the Swiss-American duo of Hansjorg Wyss and LA Dodgers part-owner Todd Boehly having already submitted a bid.
Meanwhile, Turkish businessman Muhsin Bayrak is also due to hold further talks with the club.