The England Under-17 has been put forward by the Monaco technical director Michael Emenalo, who was previously part of the Chelsea back room set up. Negotiations are reportedly at an advanced stage, according to the 'Daily Mail'.
Panzo is a skilful left-sided defensive player and is thought to be very highly rated within the corridors of the club.
Monaco aren't the only clubs who have their eye on the young Chelsea man. He has also had interest from other European clubs such as Borussia Monchengladbach, Eintracht Frankfurt, RB Leipzig and Valencia. Monaco are believed to be offering around £2.5million for the young player.
Over the past few years, a large number of young talented English players have moved abroad in order to seek out quality first-team experience.
Manchester City's Jadon Sancho joined Borussia Dortmund, West Ham's Reece Oxford has been on loan at Monchengladbach, where Tottenham's Keenan Bennetts recently signed, while Kayden Hinds of Arsenal joined Wolfsburg.