The Blues are interested in the Chilean coach, late of Real Madrid and Villarreal, who has taken Los Boquerones to the last 16 in their debut season in the Champions League
The Blues sacked Roberto Di Matteo in November, with Rafa Benitez in place on an interim basis but proving unpopular with fans.
|10/1||Manuel Pellegrini is 10/1 with Paddy Power to be the next permanent Chelsea manager
Jesus Martinez told El Mercurio: "Manuel has a contract with Malaga. I think that in April and May we will be clear about what will happen with his future.
"Our first intention is to respect our commitment, but it also depends on what the conditions are. We had a formal offer from Roma but we rejected it. It was less than 15 days ago but we discarded it outright because we are in the middle of the season.
"Chelsea and other clubs have asked but only through intermediaries, nothing official. Manuel would love to coach in the English Premier League, as he would in Germany, Italy and other important leagues. There's plenty of time to analyse what we will do next season."