Paris Saint Germain are reportedly tracking the Chelsea defender with a view to a summer bid for the Serbian international.
Ivanovic is keen to extend his stay at Stamford Bridge, but PSG are poised and ready to offer him an alternative should contract talks falter.
The big-spending French club already have their eye on one Chelsea star - Belgian international Eden Hazard has been continually linked with the defending Ligue 1 champions.
Jose Mourinho is a massive fan of Ivanovic, and is eager for the Chelsea board to tie up an extension with the player.
But the Blues have a strict policy for players over 30-years-old, and Ivanovic reached that milestone last month.
Chelsea are reluctant to offer long-term deals to players aged 30 and above, as evidenced by contract negotiations for John Terry, Ashley Cole and Frank Lampard.
Ivanovic's current deal does not expire for another two years, but his next contract will be important for both club and player.
PSG are looking to reinforce their defence with Alex expected to leave the club at the end of the season.
AC Milan have been linked with the former-Chelsea defender.