Jovetic has been heavily linked with a move away from Serie A in recent months, and came close to heading to the Premier League during the summer window.
Manchester City have been reportedly trailing the Montenegrin forward for some time now but could face competition from Chelsea, as well as Barcelona and Paris Saint-Germain, who sent representatives to watch Jovetic as he scored in Fiorentina’s 4-1 win over Cagliari according to Gazzetta dello Sport.
Chelsea have been linked with a host of attackers ahead of the January window amidst rumours Daniel Sturridge could be on his way out of the club.
The former Manchester City forward has found first team action hard to come by this season and has been linked with a move to Liverpool and Tottenham ahead of winter window, while Fernando Torres is still struggling to find his best form.
Jovetic may fit the profile of the type of player the Stamford Bridge-based club are looking for given his versatility as both an outright striker and attacking midfielder.
The 23-year-old has six goals in eleven league games so far this season to go with his 14 strikes last time round.
The Citizens may still be keen on landing Jovetic as they continue to struggle in Europe, with their 2-2 draw with Ajax at the Etihad Stadium last night all but ending their hopes of progressing to the knock-out stages of the Champions League.
Whether Manchester City or Chelsea will be able to lure the forward away from Florence remains to be seen however after he turned down the chance to leave in the summer.
Speaking last month Jovetic revealed he stayed put because he was happy with life in Serie A.
He told La Nazione: "What happened over the summer is normal. If a player does something good, they become a target for other clubs.
"There may be offers, proposals, topics for discussion or negotiation, but then you make a decision. That's what I did, I chose to stay at Fiorentina. I heard who wanted me, but I decided to stay here.
"After speaking with the president (Andrea Della Valle), I realised that Fiorentina have big ambition. I now see that the club have kept their promises and I have many great players alongside me.
"It's always nice when a big club want you, but I am happy here and I don't want to think about the future.
"A buy-out clause? We will start negotiations with Fiorentina, but there is no rush and I don't think there will be any problems."
Chelsea will look to get their Champions League campaign back on track when they go up against Shakhtar Donetsk at Stamford Bridge tonight.