Ballack is on the lookout for a new club after the Blues confirmed earlier this month that he would not be offered a new deal.
Having spent the past four years at Stamford Bridge, reports suggest that Ballack could now return to his native Germany.
Hamburg, Wolfsburg and Ballack's former club Bayer Leverkusen are understood to be leading the chase and will not have to wait long for his decision.
"I am able to confirm that I am going to make up my mind quickly," the 33-year-old told Bild.
"There will be a decision on my future in the next two weeks."
Leverkusen general manager Rudi Voller, meanwhile, has reiterated that he is hopeful of signing Ballack.
"It would be great news to see Michael returning to our club," stated Voller.
"(Manager) Jupp Heynckes would be extremely happy to see Michael coming back to us."