The Blues were heavily linked with the Netherlands international last summer, but the Dutchman ended up staying with the Catalans.
The 28-year-old has since been unable to nail down a regular spot amid a hamstring injury but the winger is expected to be fit during the World Cup.
According to Fichajes via The Sun, Chelsea could make a fresh move for Depay at the turn of the year.
He is also said to be open to leaving the Catalans as the winger has no assurances of a regular starting role in the future.
Aside from Chelsea, Juventus are also expected to make a move, having failed to sign him in the past.
The Serie A giants wanted him on a free transfer from Lyon and also attempted to bring him to Turin over the summer.