The 38-year-old announced on Sunday that he intends to bring his glittering career to an end in December when his contract with Major League Soccer side New York City FC expires.
Pirlo was linked with a coaching position at Stamford Bridge earlier this year, only for Conte to rule out a reunion as the deep-lying playmaker was focused on extending his playing career at the time.
However, probed about the rumours, Pirlo told reporters: "An assistant to Conte? People are saying that. I have my ideas but I need time to decide. I don't know yet. I will will return to Italy in December."
Pirlo, a 2006 World Cup winner, has previously worked under Conte for Juventus and the Italy national side.