The Belgian was on loan at Werder Bremen during the 2012-13 season, and would be interested in moving back to the Bundesliga if he does not factor into Jose Mourinho's plans.
The 22-year-old was dropped by manager Jose Mourinho and made to train with the youth team following a poor performance against Swindon in the Capital One Cup, despite having started the Blues' first two Premier League games of the season.
Representative Patrick de Koster has claimed that although the new training arrangements are not a punishment, he would be happy to talk to Wolfsburg after their sporting director, Klaus Allofs, made his interest known.
"If Kevin has to find a new club in January, we'll talk to Klaus Allofs," he told WAZ. "I don't think that Kevin training with the under-21s is a punishment. This happens in England, and Kevin is not the only player."
Wolfsburg also seems keen to reach an agreement, with coach Dieter Hecking acknowledging that the Bundesliga side wanted to bring in the Belgian during the recent transfer window.
"We tried for him in the summer," he said. "Chelsea did not want him to leave but we're still interested."
De Bruyne spent the 2012-13 season on loan at Werder Bremen, and the Bundesliga side would also be interested in a deal if he became available again this winter.
"We will not have the chance to buy Kevin De Bruyne. But if there's a chance to loan him, I will do everything to bring him back to Werder," general manager Thomas Eichin said.