Conor Gallagher is prepared to stay at Chelsea if the conditions for a move do not meet his requirements, raising the prospect of the midfielder leaving his boyhood club on a free transfer next summer.

Chelsea, who expect Aston Villa and Tottenham to bid for the 24-year-old, are not close to extending Gallagher’s contract and know they will be at risk of taking a financial hit if the situation is not resolved soon.

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The club have a policy of selling players whose contracts are running out and are open to offers of at least £50m for the England international. Villa have opened talks with Chelsea over a deal for Gallagher and there is an expectation that Spurs will move for him.

Yet Gallagher, who could be a key player for England at Euro 2024, is not in a rush to leave Chelsea and sources around a potential deal with Villa believe he is ready to bide his time. The sense is that he will not be pressured into agreeing to a transfer that is not right for his career. Gallagher, who comes from a family of Chelsea supporters, is a firm favourite with the Stamford Bridge crowd and wants to maintain control over his future.

Chelsea’s position is equally understandable – they do not want to miss out on a potential transfer fee. Sales will increase their chances of avoiding a breach of the Premier League’s profitability and sustainability regulations, with any money received for Gallagher going down as pure profit because he is a product of the academy.

There is a sense within the club that Gallagher may not be suited to the possession football favoured by Chelsea’s new head coach, Enzo Maresca. Chelsea’s other midfield options include Moisés Caicedo, Enzo Fernández, Roméo Lavia, Lesley Ugochukwu, Andrey Santos and Carney Chukwuemeka. There has been no fallout between Chelsea and Gallagher, who captained the side on several occasions this season.

Unai Emery, Villa’s manager, loves Gallagher’s energetic style of play and is desperate to sign him. It is unclear whether Villa can afford £50m unless they make at least one key sale. Their financial position could be boosted by their qualification for the Champions League. An agreement could be easier if Chelsea pursue their interest in the Villa striker Jhon Durán.