The current Brighton boss made 145 appearances for the Blues in a four-year spell from 1997, netting 49 goals in that time, before moving onto Tottenham.
With Rafa Benitez set to leave his Stamford Bridge post at the end of the season, the 45-year-old has now been linked with a return to the west Londoners but in a managerial capacity.
And the Uruguayan, who has led his south-coast outfit into the Championship playoff places this season after promotion from League One, made no secret of his ambition to fulfil the role one day in the future.
"I want to go to the highest level and if it's the Premier League and it's Chelsea, fantastic," he told reporters. "That's my aim. Everybody knows. I don't hide it.
"I like the speculation because it means we are doing something right. But it doesn't change my life at the moment."
Chelsea's 'interim' boss Benitez is set to leave the club at the end of the season, if not before, after an incredible outburst at supporters and owner Roman Ambramovich on Wednesday night.
The Spaniard slammed the fans' "agenda" against him and insisted the board made a "mistake" by giving him the 'interim' tag, before revealing he will not be staying in west London past the summer.
There are a number of other contenders for the soon-to-be-vacant job, with another former player Gianfranco Zola, currently the boss at Watford, also recently failing to rule out a return to his ex-club.