The 26-year-old joined the Blues in January 2014 for £12m from Saint-Etienne, and has spent loan spells away from the club at Stoke and Everton since then.
Zouma has been on international duty with France at Euro 2020, but his attention will now turn to his club future and a big decision could soon be made.
Telefoot's Julien Maynard reports Zouma is likely to leave Stamford Bridge this summer as he looks for a fresh start.
Wolves are believed to have been interested in signing the defender, but the Frenchman has declined their advances. Tottenham and Everton are among the other English clubs keeping tabs on the situation.