The Mail on Sunday says the former Barcelona coach has cancelled a holiday to the USA in anticipation of an offer from a leading club and although he had planned to take a sabbatical year after leaving the Nou Camp last month, it is understood he is ready to take over at Stamford Bridge.
The other candidate for the job is AC Milan's Carlo Ancelotti.
The Italian would be favoured because of his potential ability to persuade Brazilian superstar and Milan midfielder Kaka to join Chelsea.