Another clip shows them singing about former Tottenham Hotspurs striker Martin Shivers: “Chivers was a Jew. The thing between his eyes was twice the normal size. Yiddo Yiddo Yiddo.”
The film also deals with racist taunting of black players.
In a statement, Chelsea said: “It is unclear to us at this point if Chelsea supporters are involved.
“However, should any individuals displaying discriminatory behaviour in the video be identified as season ticket holders or members of this club, we will take, and support, the strongest possible action against them, in line with our zero tolerance approach to all forms of discrimination.
“Such behaviour does not in any way reflect the values of this club.”
The club’s manager, Roman Abramovich, last month commissioned a mural to pay tribute to Jewish footballers who were sent to Nazi camps during the Second World War.
Chelsea was also one of the first few clubs to adopt the IHRA definition of antisemitism.
