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 for him to take the reins.
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"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."
As exclusively revealed by Goal.com, Chelsea have already approached the Italian about becoming part of the backroom staff at Stamford Bridge.
The former West Ham United boss has also been linked with the position of head coach at Lazio and Melbourne Victory in recent weeks.