Current Blues boss Mauricio Pochettino faces increasing pressure at Stamford Bridge as they sit 11th in the Premier League and are winless in three matches.
A 4-2 defeat to Wolves that followed a 4-1 thumping at Liverpool has raised questions over his future in west London, with potential new appointments already being speculated.
One of those is Mourinho, who led Chelsea to three Premier League titles, the FA Cup and two League Cups across two separate spells.
Although a return is unlikely, former Blues midfield Petit believes that club legend Terry should join 'The Special One' in the dugout if such a change was to be made.
"I've seen the speculation that Mourinho could come in with John Terry as his assistant," he told compare.bet via Metro.
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"When you think about it, it could be something interesting. He would give the team character and personality.
"At the moment they are a broken team and he could be the man to come in and fix it. I actually think they need a manager who will have a proper vision of what needs to be done with the players that are there.
"They have to stop buying players and looking at how they can develop what they have there already. Chelsea need to develop an identity, because at the moment they don't have one."
Terry is regarded as one of Chelsea's greatest ever players, making 717 appearances across all competitions during a glittering 19-year stint.
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The centre-back captained Chelsea to all three of their Premier League titles under Mourinho's management, with the duo clearly having a successful working relationship.
Mourinho is currently without a club after he was sacked by Roma last month and despite links to Stamford Bridge, he is reportedly eyeing a return to Manchester United.
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Despite Chelsea's recent defeat to Wolves and their poor standing in the table, talkSPORT understands Pochettino is not under any immediate threat of being sacked.