The Blues priority target was Romelu Lukaku, but the Belgian snubbed a return to Stamford Bridge in favour of a £75million move to Old Trafford.
The 23-year-old scored 26 goals in 35 Serie A appearances last season in a side that could only manage a ninth-placed finish.
But the nine-time Italy global is contracted until mid-2021 and Cairo said it would take €100m for an overseas club to secure Belotti's signature.
"He has a €100m (£89m) release clause".
"As far as I know, there has been no offer from Chelsea, but we are here if it does happen".
"I chose the clause to be €100m overseas remember, because it is very high and for the moment no-one has come in for him", Cairo said.
"They weren't real offers, but there were contacts. I thought that considering the type of qualities Costa has, that Belotti was the ideal fit", he told talkSPORT. I don't want to imagine a Toro without Il Gallo.
'The clause is there, but we have to understand what he thinks because it's important for a player to stay with the desire to do well.
"I want to talk to him, I want a confirmation".
"We'll also need to talk about a potential deadline for any sale and won't discuss it beyond that date".
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