Just over a year after his takeover at the Blues alongside Clearlake Capital, he has bought a near 100 per cent stake in Strasbourg.
The purchase of the Ligue 1 side has been made by the BlueCo consortium as Chelsea's owners launch their multi-club model.
Four different managers have taken the helm at the Blues since Boehly arrived last summer, with Mauricio Pochettino starting his job next week.
The American businessman now looks set to make yet another appointment, but this time at his new club.
Following Frederic Antonetti's departure, French outlet RMC Sport report that Vieira is set to become the new boss at Strasbourg.
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The Arsenal legend has not been in management since March when he was sacked by Crystal Palace.
Prior to his spell at Selhurst Park, he took up a training and youth development role at Manchester City.
Vieira then went on to become head coach at New York City FC, before venturing into Ligue 1 with Nice.
A move to Strasbourg would therefore see him return to the French top flight, although they narrowly avoided relegation last season.
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Le Racing could very well be followed by another club as part of Chelsea's multi-club plans.
Portuguese side Rio Ave have been linked with such a model and the Blues could also look towards a club in South America.
With the summer window now well underway though, Chelsea's owners are set to continue their efforts in the transfer market.
They have already made great progress in terms of outgoings with N'Golo Kante, Kalidou Koulibaly, Mateo Kovacic, Edouard Mendy and Kai Havertz already departing.
Hakim Ziyech and Mason Mount could soon follow suit as their rebuild under Pochettino begins to take shape.
New signings are also set to arrive this summer, with Christopher Nkunku's move from RB Leipzig being confirmed last week.
After completing a medical, Senegalese striker Nicolas Jackson is close to finalising a switch to Stamford Bridge from Villarreal.
Brighton star Moises Caicedo has been heavily linked with a move to Chelsea, although they could face competition from Manchester United.