Maurizio Sarri's side have topped the betting for months but their main market rivals being drawn against each other sees the Blues at 7/4 (2.75)
Bookmakers have been quick to cut Chelsea's Europa League odds following Friday’s quarter final draw at Uefa headquarters.
The Premier League side will face Slavia Prague in the last eight, having cruised past Dynamo Kiev 8-0 on aggregate in the previous round.
Chelsea have long been considered the team to beat in Europe's second tier competition, but the favourable tie they've been handed sees the Blues at just 7/4 (2.75) with 888Sport, from a pre-draw price of 11/4 (3.75).
While a clash against the Czech side looks a winnable one for Sarri's men, it's Arsenal drawing Napoli in the quarter finals that has also contributed to the plunge in Chelsea's odds.
The pair were viewed as the nearest competition in the market but there was little to choose between them so the fact that one of the leading contenders will be eliminated before the semi-final stage has had an impact on the outright odds.
Napoli have drifted to 15/4 (4.75) from 13/4 (4.25) while the Gunners are 9/2 (5.50) from the same pre-draw quote with 888Sport.
Unai Emery has won this competition three times in his managerial career so far and the Gunners were able to overturn a 3-1 first leg deficit against Rennes on Thursday at the Emirates Stadium.
There is still the prospect of an all-English final in both European competitions this season as the winner of Chelsea's clash with Slavia Prague will face either Benfica or Frankfurt, both of whom have remained at 11/1 (12.0). If the two Premier League teams left are to square off, it will now be in Baku on May 29.
Valencia are priced at 8/1 (9.0) having been paired with Villarreal (18/1) in the quarter finals. The winner of that all-Spanish affair could well face Chelsea if they justify favouritism in the last eight.