Everton have failed with a £40m bid for the player as he was not keen to move to Goodison Park in the ongoing transfer window.
Newcastle are also interested in signing him but Chelsea do not want to do business with them and the Magpies do not want to spend big sums for him at the moment.
He had a fruitful spell at Palace last season and the Eagles have been monitoring his situation throughout the window.
And it has been claimed that Crystal Palace are trying to probe a loan deal for the player in the final hours of the window.
For now, Chelsea are reluctant to sanction such a deal and are only interested in selling him if Gallagher has to leave.
The midfielder is also looking to join a top-six side or a team with the ambition of qualifying for the Championship.
But Crystal Palace are hopeful that with the hours ticking down, he could be convinced to move to Selhurst Park for a second loan stint.
