The retired Australia centurion spent five seasons at Craven Cottage, amassing 172 appearances in the Premier League, before making the short trip across west London last summer on a free transfer.
Last season, the 42 year-old was utilised as deputy to Petr Cech, even making an appearance in the Champions League semi-final against Atletico Madrid, but the arrival of Thibaut Courtois has seen him slide down the pecking order at Stamford Bridge.
Fulham wanted to loan their former No.1 for the remainder of the season, taking over first team duties from Marcus Bettinelli, but the emergency loan window has now slammed shut without a deal materialising.
It’s believed the Blues rebuffed the advances of their Championship neighbours, fearing the consequences of reducing the depth of what is arguably the most competitive goalkeeping department in world football.
More speculative reports are now questioning the fate of Petr Cech, who has made just one substitute appearance in the Premier League this season against Arsenal, and whether Chelsea want to keep hold of Schwarzer so they can sell their 475-game goalkeeping servant when the transfer window reopens.