Cobblers 'have made a number of offers' to Chukwuemeka amid speculation
The 18-year-old, who came through the club's academy, has burst onto the scene this season and scored two goals in 17 appearances.
Northampton have extended his youth contract until next year but with Championship and Premier League clubs said to be circling, chief executive James Whiting admits they are keen to tie him down on a professional deal.
"Caleb is under a scholarship agreement with the club until 2022 and we are in discussions with Caleb and his representatives to try and agree professional terms and have made a number of offers," said Whiting when discussing Northampton's record of producing young players on the It's All Cobblers To Me podcast.
"Over a 10 or 20 year period, the player pathway hasn't always been good enough but it has improved a lot in the last five years. We get reports through from the EFL and we are ranked highly in terms of players produced over the last few years and that shows we are progressing.
"Under EPPP we do lose some of our better players, (Fraser) Hornby, (Glenn) Middleton and some younger than that and that has to be considered when looking at our academy."
Norwich City and Belgian side Club Brugge have both been linked with Chukwuemeka in recent days.
Manager Keith Curle added: "We see young players as very important and there is a pathway that is open. We have seen academy players make 140 first team appearances since I arrived at the club and the most recent once to come through is of course Caleb.
"We identified him at the end of last season as someone with potential. He has untold ability in possession of the ball, he needs to develop and learn more out of possession but the lad wants to learn and we are working with him to develop him and to develop his game and he is progressing."