The 53-year-old has not been in a job since leaving the capital club in June 2016, but has been heavily linked with Lyon recently.
Le Parisien reported on Monday that Blanc is considering his options, which could include his first experience coaching outside of France after spells with Bordeaux, PSG and the French national team.
The former Manchester United defender is considered a frontrunner to replace Bruno Genesio on the Lyon bench if he is let go at the end of the season.
However, he's understood to be keeping an eye on developments at Stamford Bridge, with Maurizio Sarri’s future in west London facing uncertainty.
Blanc was contacted over the Blues vacancy last summer before the club opted for the Italian, while Sevilla and Roma have also been named as potential destinations for the Frenchman.
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