The Blues owner Roman Abramovich is reportedly considering making a move for Claudio Ranieri back to Stamford Bridge, according to Goal.
Though Guus Hiddink is in charge of the Blues after the sacking of Jose Mourinho, the Dutchman is set to leave at the end of the season.
Ranieri, who Abramovich sacked in 2004 after buying the London club, has masterminded a surprise Premier League title challenge at Leicester.
Previously seen as potential relegation fodder, the Foxes are second in the table, behind Arsenal only on goal difference.
It is believed the Italian still has an excellent relationship with the Chelsea owner – despite his sacking – and this could play a part in his return.