Chandler has spent the past three seasons with the Suns and has one year remaining on his contract beyond the 2017-18 campaign.
Suns general manager Ryan McDonough announced this week that Bledsoe was sent home and would not be with the team moving forward after he tweeted, "I don't wanna be here," per ESPN.com's Chris Haynes.
The 35-year-old Chandler is averaging 7.6 points and 10.0 rebounds per game in five contests so far this season.
He is among the NBA's most decorated centers with one All-Star appearance, a Defensive Player of the Year award and an NBA championship to his credit.
The Suns are clearly in the middle of a rebuild, and Chandler is one of the few veterans on the roster with a significant role.
Phoenix has several young options in the frontcourt who would get more playing time in the event of a Chandler trade, including Alex Len, Marquese Chriss and Dragan Bender.