The former Stoke star has risen to prominence since his move from The Potters to La Liga in 2015.
Premier League champions Leicester failed in their bid to bring him back to England in the summer.
“Arsenal and Chelsea are both interested in Sevilla midfielder Steven N’Zonzi”
N’Zonzi, 27, has a contract with Sevilla until 2019 but has a release clause of £26.7m.
That price tag is three times the £8.9m Stoke received for him last year.
N’Zonzi made 120 appearances for Stoke in a three year spell after moving from Blackburn.
He quickly became a regular in the Sevilla side when he arrived in Spain and helped them to the Europa League title against Jurgen Klopp’s Liverpool in May.
He has made 49 appearances in total, scoring five times.