Chelsea may make a permanent tribute to Peter Osgood, who died of a heart attack on Wednesday at the age of 59.
Osgood made 380 appearances for the Blues, scoring 150 goals, and was dubbed the 'King of Stamford Bridge'.
"We understand our fans will want to make suggestions and want to know about arrangements to celebrate Peter's life and career," said a club statement.
"These will be considered over the coming days once Peter's family have been consulted over their wishes."
Osgood helped the Blues win the FA Cup in 1970, when he scored in every round, and the Cup Winners' Cup in 1971.
He moved to Southampton in 1974 and was part of the then old Second Division club's FA Cup victory over Manchester United in 1976
A minute's silence will be observed at Chelsea's weekend match at West Brom, as it will before Southampton's home game against Coventry.
Joe Cole dedicated his winning goal for England against Uruguay to Osgood having been stunned to learn of the Chelsea legend's death just hours before the Anfield friendly.
"It is a sad day, not just for Chelsea but the whole of football," said Cole following his man of the match performance.
"I would like to dedicate my goal to Peter and his family.
"It is very difficult to take in because we only found out a couple of hours before the game.
"He was one of the greats of Chelsea and will be missed"
"He was a smashing fellow and all I can do at this moment is send my condolences and best wishes to his family."
Chelsea skipper John Terry echoed Cole's sentiments and hailed Osgood as "a true legend".
He said: "I was absolutely devastated to hear the terrible news.
"Speaking on behalf of Chelsea Football Club, I can say that Peter Osgood was an absolute legend.
"He was a fantastic player, but also a great man as well, and still very involved with the current team and the club.
"I spoke to him many times, and when we had our pre-match meals he was always there, and at the games he was always there supporting us."
Blues manager Jose Mourinho said: "I have only been at Chelsea a short time but of course I know Peter Osgood was a legend at Stamford Bridge.
"He was one of the greats of Chelsea and will be missed."