Roman Abramovich has reportedly rejected an approach from Britain's richest man to buy Chelsea.

The Daily Mail claims petrochemical billionaire Jim Ratcliffe, estimated to be worth a staggering £20billion, came forward looking to take the Stamford Bridge club off Abramovich’s hands.

Chelsea’s Russian owner is currently embroiled in a UK visa clash with the Home Office, leading to him shelving plans for a new stadium in West London.

It means there's been speculation that Abramovich could up sticks after buying Chelsea for £140million in 2003.

But it’s understood that he has no intention of abandoning the Blues, with the Russian also rejecting other offers, including one from China.

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Ratcliffe is a Manchester United fan but currently holds a season ticket at Stamford Bridge.

He also knows all about running football clubs after purchasing FC Lausanne-Sport in November - who were relegated from the Swiss Premier League last season.

But it appears Ratcliffe won’t be getting near Chelsea any time soon, despite dwarfing Abramovich’s personal wealth by around £11bn.

A friend close to the British billionaire told the Mail: “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.”

Since taking charge at Chelsea 15 years ago, Abramovich has overseen five Premier League title wins and finally got his hands on the coveted Champions League trophy in 2012 following a dramatic penalty shoot-out win over Bayern Munich in Germany.