The BBC have reported that the 22-year-old will return to Stamford Bridge just 24 hours after starting in the 1-0 defeat to Port Vale in the Vertu Trophy.
Sharman-Lowe was snapped up as the club’s number one in the summer on the back of a successful campaign with Doncaster Rovers on loan, during which time he helped Grant McCann’s side to promotion from League Two.
But his displays have been inconsistent for the Whites, which led to Steven Schumacher dropping him on New Year’s Day on his return to Doncaster – a decision which is understood to have sparked Premier League Chelsea into action on a recall.
Tyler Miller, who took over as first choice for the first three games of the calendar year, has also announced his intention to leave the club, effective immediately.
Wanderers have not yet made a comment on the American, who is thought to want a return home for family reasons, but are expected to move quickly to sign two replacement goalkeepers on a permanent basis.
Stoke City’s Jack Bonham has been strongly linked with a move to the Toughsheet, as has Fleetwood Town’s Wales international David Harrington – and the likelihood is that a brand new goalkeeper will be in place by the time the Whites go to Wigan Athletic on Saturday lunchtime.
Nathan Broome remains with the club after his summer move on a free transfer from Swansea and academy keeper Luke Hutchinson is also out on loan in the National League with Altrincham.
Another homegrown keeper, Jack Dallimore, has also travelled with the first team, although he is yet to make his senior debut.
Sharman-Lowe kept six clean sheets in his 23 appearances, with Schumacher leaping to his defence earlier in the season when fans raised concerns about his relatively low shot-saving statistics.
Some high-profile errors over the Christmas period proved to be the final straw, however, and when he was pulled from the team on New Year's Day Chelsea made the call to bring him back to West London.
It has been reported that a decision has not yet been made on whether he will be loaned out to another club in the second half of the season.