Petit spent three years with Chelsea
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Ronnie Moore has expressed an interest in bringing former France international midfielder Emmanuel Petit to Millmoor.
The Millers boss is keen to bolster his midfield after crowd favourite Chris Sedgwick moved to Preston last month.
And Petit, 34, who left Chelsea in the summer and is training with Arsenal at the moment, is top of Moore's list.
He said: "We are watching him and keeping an eye on his fitness and then we'll take it from there, but as yet no further move has been discussed."
The Millers are bottom of the Championship and have won just once this season - 1-0 against Leeds on Monday.
And while Moore is aware of the need to sign an experienced midfielder, he has been told that none of the £300,000 they received for Sedgwick is available for transfers.
But Petit is an ideal target as he would not command a fee.
Moore added: "Sedgwick, Richie Barker and Paul Warne have all left and none have come in so I'm going to have to wheel and deal.
"I'm looking for a midfielder and I am going to have to go for loans and short-term deals because no money is available."
Sheffield Wednesday were also rumoured to be interested in Petit, but their priorities may have changed after striker Adam Proudlock broke his leg in training.