Interim boss Rafael Benitez will leave Stamford Bridge in the summer and the Portuguese is expected to part company with Real Madrid at the end of the season.
"You've one of the best coaches in the world, best owners and one of the best clubs, a hard combination to resist," Kenyon told BBC Radio 5 Live. "I would need some very strong other candidates to look at.
"I think Pep Guardiola would have been a candidate, he is not available. Manuel Pellegrini would definitely be looked at. If I was looking at Pellegrini or Jose, Jose would win hands down."
Kenyon was the Chelsea chief executive between 2003 and 2009.