The LA Dodgers co-owner hopes to add extra credibility to his bid, and adding the ex-Evening Standard editor is certainly a step in that direction.
London-based firm Robey Warshaw, where Osborne works as a partner, is understood to have joined Boehly's bid in an advisory capacity.
Including a former top Government official to his consortium adds another edge and an extra layer of credibility to Boehly's ambition of purchasing the Stamford Bridge club.
Osborne is a Chelsea fan and attended the club's 2012 Champions League final victory over Bayern Munich.
In a week's time, New York merchant bank the Raine Group is set to select a preferred bidder in the ongoing race to buy the club.
As things stand, Todd Boehly's consortium is made up of Swiss billionaire Hansjorg Wyss and British businessman Jonathan Goldstein.
However, the American faces competition from two other bids, one led by former Liverpool chairman Sir Martin Broughton and the other by Boston Celtics co-owner Steve Pagliuca.
The Ricketts family, who own baseball franchise Chicago Cubs, were also in the race until a dramatic u-turn saw them withdraw their bid.
Whoever is successful in their pursuit of the club will have to pass the Premier League's owners and directors test. The UK Government would also be required to grant a new licence in order to formally complete the sale of the club.
Roman Abramovich put the Blues up for sale on March 2, amid the ongoing conflict in Ukraine.
The Russian-Israeli billionaire was also sanctioned by the British Government, with Downing Street claiming to have evidence of the owner's links to Russian president, Vladimir Putin.
Despite the sanctions on the 55-year-old, Chelsea have been able to continue operations thanks to a special licence provided by the Government. Abramovich is unable to profit from the sale of his club.