Hasselbaink, 32, has spent four seasons at Stamford Bridge, making 177 appearances and scoring 87 goals.
When he signed in June 2000 from Atletico Madrid, the 15 million pounds fee equalled the then premier league record.
Hasselbaink, whose previous clubs include Leeds United, has been linked with Scottish champions Celtic but his agent Humphry Nijman was quoted on BBC Ceefax as saying: "There are quite a few interested clubs."