Abramovich is said to be 'mulling over the opportunity' to buy a controlling stake in Spanish second division side Alaves.
Alaves president Gonzalo Anton is looking to sell his 71 percent stake in the club.
Uefa do not oppose individuals or groups holding controlling stakes in two separate clubs, as long as those clubs cannot come into direct competition.
Alaves narrowly missed promotion back to the top flight last season but when they do make it and if they then qualify for Europe either they or Chelsea would not be eligible.