Blues boss Roberto Di Matteo this week admitted his interest in Latics midfielder Moses amid reports of an impasse over the valuation of the player.
The European champions are said to have offered £4m and a choice of one of their fringe players either on loan, or a player to the value of that sum.
But Whelan told ESPN: "They need to pay the brass up front - we don't want any part-exchange deals they have offered.
"Victor is one of the most exciting young talents around, so little wonder Chelsea want him, but if they want him they are going to have to pay the price.
"We are not interested in picking up one of their players on loan or in part exchange.
"They know the price for Moses. We are looking to reach £10m.
"If that means £8m cash and some add-ons, that fine, as the lad knows that we want him to stay but that we won't stand in his way either.
"I don't like standing in the way of a young player who can make the jump to one of Europe's great clubs and play well for them, I would just wish him all the best.
"But really we don't want him to go, he will be worth £15m or £20m after a few months with a club like Chelsea.
"He has a year left on his contract, we have offered him a new one, but we can understand why he would want to play for Chelsea, although I must say there are other clubs sniffing around too."