Chelsea pursued the 22-year-old for most of last summer, eventually signing him from Man United for a reported £40 million.
Garnacho, alongside several other Chelsea stars, had a disappointing 2025/26, however, scoring just eight goals and providing four assists in his 43 games across all competitions.
According to journalist Ben Jacobs, Chelsea are now looking to cut their losses on the young winger and have placed him on the transfer list.
It’s understood that the club have no intention of sanctioning a loan deal, while Jacobs adds ‘a number of teams’ are interested.