Cuadrado, a reported summer transfer target for Manchester United and Barcelona, has eclipsed his shaky start to the season with a string of solid performances to help the Serie A side up to sixth place.
Reports claim Chelsea are set to offer €27 million for the Colombian international, although Gazzetta dello Sport said Fiorentina club president Andrea Della Valle would not sell for less than the value of his buy-out clause, €35 million.
Fiorentina host Atalanta on Wednesday looking to seal their place in the quarter-finals of the Italian Cup, having lost last year's final to Napoli.
In Italy's top flight Fiorentina are 16 points behind leaders and champions Juventus but are firmly in contention for the third and last Champions League qualifying spot at three points behind Napoli.
Cuadrado, who moved to Fiorentina from Udinese in the summer of 2012, has scored five goals this season including four in Serie A.