The Chelsea boss is desperate to bring in more players this summer with the Premier League campaign kicking off this weekend.
The defending champions have so far signed four players but have let go players such as Nemanja Matic, John Terry, Nathan Ake while Ruben Loftus-Cheek, Kurt Zouma and Tammy Abraham have left to join top flight clubs on loan.
It leaves Conte short of options with Champions League football to contend with this season as well.
He has made bolstering his full-back options a priority to help ease the burden on Victor Moses and Marcos Alonso respectively.
And Sky Sports report Chelsea are interested in signing Valecnia’s Cancelo.
Conte reportedly sent scouts to watch the 23-year-old play for Portugal at the European U21 Championships.
The right-back scored on his senior debut for Portugal little over a year ago in the 5-0 win over Gibraltar.
It was reported in Spain during the transfer window Valencia were open to selling the defender to comply with financial fair play rules.
And a fee of £26m was being touted as enough for the La Liga side to consider selling Cancelo.