Mundo Deportivo claims the 34-year-old could be heading to the Nou Camp on loan this winter.
Ivanovic has been at Russian giants Zenit for nearly two years following major success at Stamford Bridge.
But he could be drafted in as emergency back-up for Barcelona’s injury-hit defence.
Samuel Umtiti is out until next year with a knee injury.
While Thomas Vermaelen will watch from the stands with a hamstring tear for at least six weeks.
It means Barcelona have just Gerard Pique and Clement Lenglet as centre-back options, with the latter also supposed to be helping out Jordi Alba at left-back.
Ernesto Valverde does not want to be left short-handed in the second half of the season, and Ivanovic would provide options across the entire backline should another injury crisis occur.
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The Serbia international spent nine years at Chelsea, winning three Premier League titles, three FA Cups, the Europa League and the Champions League.
Ivanovic is remembered fondly by the Stamford Bridge faithful, and he is sure to be watching when the Blues host Manchester United this Saturday in the Premier League.
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