It was Courtois' emergence that forced Cech out of the club in the first place and, with the Belgian rumoured to be heading to Spain, the veteran stopper could make his way back across London.
That is according to Sky Sports reporter Kaveh Solhekol, who is also reporting that the Blues could also move for Leicester City's Kasper Schmeichel as their main target, Alisson Becker, is nearing a move to Liverpool.
"Chelsea considering re-signing Petr Cech if/when they sell Thibaut Courtois to Real Madrid," Solhekol tweeted. "Chelsea also interested in Leicester City goalkeeper Kasper Schmeichel. Liverpool have made big move for other Chelsea target Alisson."
French source RMC Sport are claiming that the Blues have accepted a €35m bid from Madrid for the 2018 World Cup's Golden Glove winner, who will sign a four-year deal in the Spanish capital.
The Belgian, though, has told reporters he will listen to Chelsea but isn't prepared to accept their current wage offer after his commendable World Cup campaign.
"I will go back and I will see what they want and how they say it," he remarked. "Obviously, with this World Cup, I think what was on the table is different than what I can have.
"In this World Cup, I have ignored all the speculation, all the rumours. But now, in the next few days, I will have a chat with my agent and see what Chelsea told him, and then we will talk. But I feel happy at Chelsea, it's not that I necessarily want to leave."