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The Blues met with Jokanovic on Friday and, according to Sky Sports’ pundit Gianluca Di Marzio, they were due to hold a second meeting on Saturday evening.
Conte has been widely tipped to leave Chelsea this summer following their fifth-placed finish in the Premier League last season.
The Blues did win the FA Cup, but the Italian’s repeated criticism of the club’s transfer policy throughout the campaign didn’t go down well with owner Roman Abramovich.
Former Napoli boss Maurizio Sarri has been heavily linked with the role, although Chelsea’s interest had cooled due to his problems with the Italian football authorities. Laurent Blanc and Zinedine Zidane have also been touted as possible replacements for Conte.
Jokanovic began his managerial career in 2007, winning two consecutive doubles with Partizan Belgrade.
He went on to win the Thai Premier League with Muangthong United in 2012, before leading Watford and Fulham to promotion from the Championship in 2015 and 2018 respectively.
The Serbian coach speaks Russian, making him a favourite with Abramovich, and he also played for Chelsea between 2000 and 2002.