The 35-year-old, who endured a disastrous spell with the west London outfit following a £30.8 million move in 2006, will decide whether to retire from playing at the end of Euro 2012.
He will captain Ukraine at the tournament, who will co-host the showpiece alongside Poland, and could then choose to take up a backroom role.
Shevchenko initially made his name as one of Europe's most clinical strikers, winning a Serie A title and the Champions League with AC Milan.
|5/4||Ukraine are 5/4 with William Hill to qualify from Group D at Euro 2012.|
However, he scored just nine goals in 47 Premier League appearances for the Blues before returning to his current club via a loan spell back in Milan.
Despite his lack of success at Stamford Bridge, the Ukrainian is believed to have retained ties with the club's owner Roman Abramovich and still owns a house in nearby Surrey.