Zola was voted Chelsea's best player by fans after lighting up the Premier League during almost seven years at the club and has been tipped to return as boss one day.
The Italian is currently trying to lead Watford back into the top flight and believes his achievements at Vicarage Road will determine his chances of going back to Chelsea.
"There is no pressure in giving you an answer," Zola told the Daily Star when asked if he would like to manage his former club.
"Obviously I am a legend over there. I'm aware that people value me very much as much as I value them. But what is going to happen in the future I don't know.
"One thing for sure is I love what I am doing at Watford. I love this club and the supporters and everybody.
"Now I want to give them a huge contribution and then we'll see. A lot of what happens in the future depends on the contribution I will be able to give to them. That is what I am focused on. I need to prove myself over here first."
The 46-year-old also believes there is a mutual appreciation with owner Roman Abramovich, who currently has Rafa Benitez as interim Chelsea manager following the dismissal of Roberto Di Matteo earlier this season.
Zola added: "To be honest, he has been very good. He really valued me and tried to bring me back but I was tied up.
"Even if it was only my word it was important. He always had, I believe, a high value in myself. So, you never know.
"There has always been an interest from them. We didn't work it out but we have a high respect and appreciation for each other."
Next Permanent Chelsea Manager After Benitez Next Permanent Manager: Gianfranco Zola 20/1
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