Giaccherini has impressed under the management of the incoming Chelsea manager Antonio Conte for Italy during Euro 2016 but the report from the Sunderland Echo suggests the Black Cats are not expecting an approach for him.
Italy head coach Antonio Conte
His agent Furio Valcareggi was quoted saying: “Conte likes him a lot and Chelsea would be a dream."
After a poor spell at Sunderland, it would seem a little puzzling to some that he would make the move to Chelsea given the difference in ambition between the two clubs, though it would be a player that Conte knows very well - and perhaps feel he could trust.
Italy's Emanuele Giaccherini scores their first goal
There is a £2 million asking price on the player who spent last season on loan in Bologna, and the report envisages a move back to Italy for the 31-year-old.
It would be of little surprise to see Conte try and bring in one or two Italian players to the club. It's not uncommon for managers to bring in players who speak their own language in to try and stamp their influence on the side.
It seems that Chelsea is indeed more of a dream for the forward than any prospective reality.
Italy's Emanuele Giaccherini celebrates scoring their first goal with Leonardo Bonucci