Frank Lampard is understood to be considering his options between the sticks after a string of underwhelming performances from Kepa, who became the world's most expensive goalkeeper when he joined Chelsea in 2018.
The Spaniard lost his place in Chelsea's starting lineup to Willy Caballero before play was suspended due to the coronavirus pandemic and has subsequently been linked with an exit from Stamford Bridge when the transfer window reopens.
Bild reports that the Blues have earmarked Neuer as a possible alternative, with the 33-year-old's future at Bayern Munich seemingly uncertain as he approaches the final year of his contract.
The German's current deal expires next summer and he is understood to want a longer extension than the one on the table from Bayern.
Bayern have already agreed a deal to sign Schalke 04 shot-stopper Alexander Nubel on a free transfer, raising more questions over the future of long-serving Neuer, who has been with the Bavarian giants since 2011.
Kepa, meanwhile, has the worst shot save percentage in the Premier League this season, conceding 32 goals in his 25 top-flight outings.