The Nigerian is being courted by the Ukrainian giants.
The report claims that Dynamo would like to sign the player on a loan basis as a replacement for Sunderland newbie Jeremain Lens. However Chelsea would rather sell him on a permanent basis if he left the club, which sees the likes of Tottenham become favourites for his signature.
Moses signed for Chelsea in 2012 from Wigan Athletic but has struggled to establish himself at the club. He has since had loan spells at Liverpool and Stoke City with varying degrees of success.
Earlier this week however Chelsea boss Jose Mourinho was quoted by the London Evening Standard as claiming that the Nigerian might get a chance to resurrect his career at Stamford Bridge.
Moses struggled with injury troubles last season and wherever he ends up he will need to remain fit but despite these recent links it would be a big surprise if he did end up plying his trade in Ukraine this upcoming season.