A friend of Ratcliffe even mentioned that spending £2bn to purchase Chelsea would be a "drop in the ocean" for the owner of Swiss club FC Lausanne-Sport.
Ratcliffe, 65 and with an estimated fortune of about £21billion, who is also a fan of Manchester United reportedly made the offer as the diplomatic row between Britain and Russian Federation raged in the aftermath of the poisoning of Sergei Skripal and his daughter Yulia.
Mr Ratcliffe is a Chelsea season ticket holder and already owns a football club in Switzerland.
(US-NK summit) Expectations running high for successful outcomes
President Donald Trump and North Korea's leader Kim Jong Un , near the U.S. embassy in Seoul, South Korea , June 9, 2018. In March, Mr Trump surprised the world by accepting an invitation from Mr Kim - delivered via Seoul - to meet in person.
The delay in renewing his UK tier one investment visa, which has been reported to be linked with worsening UK-Russian relations, led to him applying for Israeli citizenship, which was granted last month.
Ratcliffe is a Manchester United fan but is a regular at the Bridge because it is close to his London home. However, it is understood that Abramovich has no intentions of selling the club.
Recently, he was a guest at the Blues' training centre, otherwise known as Cobham. Ineos's annual turnover is about £45bn and it employs more than 18,500 people in 22 countries.
In the last couple of years, Abramovich has invested heavily and his money has no doubt helped Chelsea claim five Premier League titles, the FA Cup, the Champions League as well as the Europa League.
A spokesman for the company told the Press Association: "We can't comment on market rumour or speculation".