Bayern Munich tried to acquire the England international’s services in the January transfer window.
The German champions tabled a total of four bids for the 18-year-old, one of which was in excess of £35million.
Chelsea were steadfast in their refusal to sell Hudson-Odoi from the outset and stood firm even after he handed in a transfer request.
Bayern are still keen on signing the youngster and will renew their interest in him in the summer.
It’s been reported that Real Madrid and Barcelona are also monitoring Hudson-Odoi’s situation at Stamford Bridge.
And former Bayern man Elber has urged his old side to table another offer for the Blues star before the Spanish giants come calling.
“We can only know if Hudson-Odoi is suitable for Bayern after his signing,” Elber told Goal. “However, Bayern need to be cautious when signing new players.
“The current transfer market is indeed the case, €5 million cannot buy the players you want.
“If Bayern don’t make the call, maybe Real Madrid and Barcelona will.”
Hudson-Odoi’s transfer request was borne out of frustration with his lack of first-team football.
The Londoner has started Chelsea’s last two games and is seemingly now in the long-term plans of manager Maurizio Sarri.
“At the beginning of the season, Hudson-Odoi had a very great potential but wasn’t ready to play in the Premier League,” the Chelsea manager said.
“Loftus-Cheek was the same, Loftus-Cheek had only to adapt to my football, to improve tactically for my football. Then he had a lot of problems with his back and so we had to wait for him.
“But now they are fresh, they are ready. They are improving so in this moment of the season they are fresh.
“I think that in this moment they are really very important for us.”
Hudson-Odoi and his Chelsea team-mates will be back in action on Thursday night, travelling to the Czech Republic to take on Slavia Prague in the first leg of their Europa League quarter-final tie.