Carlo Ancelotti was spotted with representatives from Chelsea at a west London hotel, according to the Sun.
The Italian is favourite to replace Jose Mourinho if the Special One is relived of his duties following a woeful start to the Premier League, which has seen the Blues lose seven of their first 12 games.
Ancelotti previously played down rumours he could return to Stamford Bridge and insisted that Mourinho was the best man to guide the club out of their slump, however that may well have changed.
According to the Sun, the former AC Milan boss was spotted at the Quattro Passi restaurant in Mayfair yesterday, meeting with businessmen claiming to be representatives of Chelsea. The 56-year-old has been out of work since he was fired by Real Madrid at the end of last season, but described rumours of a return to Chelsea as 'just talk'.
It was claimed last month that Mourinho's job was in danger if he couldn't turn things around before the international break, and while he guided the west London club to victory against Dynamo Kiev in the Champions League, the 1-0 loss against Stoke over the weekend has heaped the pressure back on the Portuguese boss.
That left Chelsea down in 16th place in the Premier League, but it was reported earlier this week that Mourinho retains the trust of owner Roman Abramovich, with the BBC's David Ornstein claiming that his job isn't under 'immediate threat'.
The former Real Madrid and Inter Milan boss wasn't at the defeat against Stoke because of a one-game stadium ban, but will return after the break for the game against Norwich City - unless he's no longer in the job.