The Blues are already back in training but Ballack is resting in Germany following his country's Euro 2008 final defeat just over a week ago.
The 31-year-old will not return to London for another couple of weeks but he believes there is still plenty of time to consider his future.
"I have a contract until 2009 and there is an option to extend it, so there is no need to rush," he told Bild newspaper.
"We will just wait and see what happens."
Although he narrowly missed out on silverware last season, conceding the Premier League and Champions League titles to Manchester United, Ballack believes being at Chelsea gives him the best chance of glory.
"Even without new signings, Chelsea already had an exceptional squad which is capable of winning something always," he said.
"That obviously means (we can win) the Champions League next season. That is the reason why I moved to Chelsea. I am playing in the best league in the world with one of the strongest teams."