Adrian Mutu has offered to make a 'significant donation' to charity if Chelsea are prepared to waive his 17million euros (£14.6million) fine.
The Romania international, who is now with Fiorentina, was sacked by the Blues after testing positive for cocaine in 2004.
Mutu was subsequently handed the massive penalty by Fifa for breaching his contract with the Stamford Bridge club.
Earlier this year the Court of Arbitration for Sport (CAS) upheld Fifa's ruling, but the striker insists he cannot afford to pay the compensation figure.
He has now written to Fifa president Sepp Blatter and Chelsea suggesting an alternative solution.
Mutu said: "I can't pay that kind of money and it's not a question of desire but one of understanding and rationale.
"I propose to make a significant donation to a charitable association in Florence or elsewhere that looks after children with problems related to substance abuse and to make another donation to a charity chosen by Chelsea in London or in England and the same in my country, Romania."