Reports in Spain insist that representatives of Malaga's Chilean coach have already held preliminary negotiations with the Blues.
Chelsea officials refused to comment last night following their Premier League victory at Fulham. But there is no doubt Pellegrini — regarded as one the best coaches in Europe — has the pedigree required for Stamford Bridge.
Martinez said: "If we have contacts with Roma, Chelsea and Manchester City, Manuel has a contract until June 2014 and a price of £3.5m."
That would make Chelsea an extremely attractive proposition for Pellegrini, although it is far from certain he will be the Blues' No 1 choice.
Pellegrini was just two minutes from guiding the unfashionable La Liga side into this season's Champions League semi-final.
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