Midfielder Rocastle, 23, returned this month from a loan spell in Scotland with Hibernian and it is them and Sheffied Wednesday who will vie for his signature.
Rocastle is reported to have said: "If it did not work out at Chelsea then I would never say never about returning to Hibs.
"I got on very well with Tony Mowray and the players. I did miss my family a bit while up there and staying in England remains an option for me," he added.