Liam Rosenior is facing the sack after a crumbling 1-0 defeat to Manchester United, his fourth straight league loss without scoring.
Although Chelsea owners BlueCo are still backing Rosenior for now, Diego Simeone is heading a list of possible replacements according to BettingLounge.
The Atletico Madrid manager is rumoured to step aside at Los Rojiblancos after 15 years at the helm.
Bookies have him priced at 4/1 odds, about twice more likely to take charge than the second-favourite Julian Nagelsmann at 8/1.
Other possible candidates include a third spell for Frank Lampard (10/1), Ipswich Town boss Kieran McKenna (12/1), Jose Mourinho (14/1) and Ruben Amorim (16/1).
Current Brazil national team head coach Carlo Ancelotti, who won the Premier League with Chelsea in 2010, is also listed at 20/1.
While unlikely, Enzo Maresca (25/1) could make a shock return while former Chelsea Women’s manager Emma Hayes (50/1) and club legend John Terry (100/1) are other long shots.
Earlier this week, the French arm of Sky Sports reported that sources close to the club suggest the 41-year-old is unlikely to lead the club next season.
Rosenior really made his reputation in France with Strasbourg and it’s believed he would easily find work back there if his time at Stamford Bridge comes to a premature end.
The report stated there is a ‘desperate search for stability and results’ that matches the club’s ambitions.
After successive defeats to both Manchester clubs, Chelsea’s hopes of securing Champions League football next season, a minimum expectation from BlueCo, are gradually diminishing.
The Blues are sixth and four points behind fifth-placed Liverpool who have a game in hand.
With five league games remaining, they are at risk of dropping further down the table.
Just three points separate Rosenior’s side from Marco Silva’s Fulham in 12th place.