Rahman has been sidelined for 12 months with a serious knee injury, but Schalke sporting director Christian Heidel has revealed that the two clubs are in talks regarding a temporary switch for the left-back.
Chelsea are currently short of competition on that flank, but Conte has said that he has no issues with the player returning to Germany later this month.
The 48-year-old told reporters: "Baba is recovering from a bad injury and I hadn't the possibility to see him in training with us, only once or twice but he wasn't ready to have a full training session with us.
"It could be an interesting option for the player to recover with them. He is now recovering, he is not ready in this moment to play. Otherwise he would stay with us in my squad."
During his previous spell with Schalke, Rahman made 20 appearances during the first half of the 2016-17 campaign.