Schneiderlin, 30, signed for Everton in January 2017, joining the Toffees from Manchester United in a deal reportedly worth up to £24million.
The former Southampton midfielder initially impressed at Goodison Park under Ronald Koeman, but struggled to keep up that form and found himself a bit-part player under Marco Silva and Carlo Ancelotti.
He will now join Patrick Vieira's Nice, who finished fifth in the shortened Ligue 1 season in 2019-20, following the official opening of the international transfer window.
Chiesa, 22, has been heavily linked with a move away from the Serie A club, where he came through the youth system.
And the Italy international could be on his way to the Premier League.
TOP STORY – MAN UTD GETTING CLOSER TO CHIESA
Manchester United are pushing for Chiesa and their latest offer could be enough to start proper negotiations, according to La Nazione.
Chiesa has also been linked with Juventus and Inter with his contract in Florence running until 2022.
A 17-time Italy international, Chiesa has scored seven goals and provided three assists in 26 games this season.
ROUND-UP
- Joao Felix has yet to hit top form at Atletico Madrid. Goal reports the LaLiga club turned down a £135million (€150m) offer from a Premier League side earlier this season.
- Chelseacould yet strengthen further. The Daily Express says they are in talks to sign Leicester City left-back Ben Chilwell, who is said to be valued at £80m. Chelsea will have Hakim Ziyech and Timo Werner arrive at the club ahead of next season.
- David Luiz's future at Arsenal remains uncertain following his horror show against Manchester City on Wednesday. According to the Daily Mail, the Brazilian defender wants a two-year deal, rather than the one being offered. Luiz is coming out of contract at the end of the month.
- Could Edin Dzeko's time at Roma be coming to an end? Corriere dello Sport reports Roma need to qualify for the Champions League to keep the striker at the club. Dzeko is contracted until 2022, while Roma are three points behind fourth-placed Atalanta in Serie A.
- Morgan Schneiderlin is set to return to France. RMC Sport says the midfielder will leave Everton to join Nice, returning to Ligue 1 for the first time since 2008.
- Staying at Goodison Park and Everton have joined the race for Real Valladolid defender Mohammed Salisu, according to the Mirror.
