The former Italy international has admitted that he would be interested in the position of manager at the Blues in the future, but not at the current moment in time
The 45-year-old wore the Chelsea jersey from 1996 until 2003 and is keen to return to Stamford Bridge when the time is right.
Chelsea recently parted company with Andre Villas-Boas as their manager, and are currently being led by caretaker boss Roberto Di Matteo. They have yet to appoint a permanent replacement for Villas-Boas, but Zola believes this is not the right moment to take the reins.
"I would love to coach Chelsea, but the conditions are not right at this point," Zola was quoted as saying by La Gazzetta dello Sport.
"I have received a number of offers, but it all depends on whether I believe in the project."
The former West Ham United boss has also been linked with the position of head coach at Lazio and Melbourne Victory in the past few weeks.