The former Bayern Munich star only joined the Londoners last year but has failed to make a huge impact at Stamford Bridge where he is competing for places with Drogba, Shevchenko, Kalou and now Blues new boy Nicolas Anelka.
However, Lazio are thought to be very interested in bringing the Peruvian international to Italy where he would be be much more likely to get first team football.
Chelsea have been linked with Samuel Eto'o in recent weeks and I would think that he would be the replacement at the club should Pizarro leave. Although rumours which are linking Eto'o with Chelsea are putting a £40 million price tag on the Cameroonian.
Personally, I would love to see Eto'o play in the Premier League but at the price which he is being linked with I think that it would be a big risk for Chelsea to take.