Medical personnel initially from hospitals in north-west London will be able to use the hotel for the next two months, though that period could be extended.
The Blues said the initiative was led by Chelsea owner Roman Abramovich, who will cover the cost of the accommodation.
A club statement read: "Chelsea Football Club is joining the medical response to the coronavirus outbreak in London with the news the National Health Service (NHS) has accepted the club's offer to make the Millennium Hotel at Stamford Bridge available for NHS staff.
"The initiative came from club owner Roman Abramovich and, after contact with the NHS was made by Chairman Bruce Buck, it was decided the best way Chelsea can assist the NHS is to provide accommodation for NHS staff. Mr Abramovich will be covering the costs of providing the accommodation.
"Many of the medical staff will be working long shifts and may not be able to travel home or would otherwise have to make long commutes. Local accommodation helps maintain the health and well-being of these crucial personnel at this critical time.
"This will be for a two-month period, and then reconsidered in light of circumstances at the time. NHS staff will be those working in hospitals in the north-west London region, but that may extend to hospitals in other districts.
"The number of rooms utilised will depend on demand but potentially all the rooms in the Millennium Hotel could be given over for this purpose. No staff showing symptoms will use the hotel."
Chelsea winger Callum Hudson-Odoi tested positive for COVID-19 last week and the Premier League was subsequently suspended until at least April 3.
According to the World Health Organization, there have been 1,954 confirmed cases in the United Kingdom and 55 deaths as of Wednesday.
The entire Chelsea first-team, coaching staff and several backroom members were ordered to self-isolate after it was confirmed on Friday Callum Hudson-Odoi had contracted coronavirus.
Hudson-Odoi, 19, was the first Premier League player to test positive for COVID-19.
But Mount was photographed playing five-a-side football with close friend and West Ham midfielder Declan Rice on Sunday.
Unlike Chelsea, West Ham have not implemented the same isolation procedures.
Stats Perform understands all of Chelsea's first-team players have since been reminded of their responsibilities.
Due to the pandemic, the Premier League has been put on hold until April 3.
However, many believe April is an unrealistic target with COVID-19 infections yet to peak in the United Kingdom.
Italy's Serie A is also postponed until April 3, though Italian Football Federation president Gabriele Gravina acknowledged that looks unlikely with the virus hitting the country hard.
Hudson-Odoi, 19, became the first Premier League player to test positive for coronavirus and the entire Chelsea squad, coaching staff and several backroom staff will self-isolate.
The men's team building will be closed, but the rest of the club's training facility and Stamford Bridge are operating as normal.
"Callum displayed symptoms similar to a mild cold on Monday morning and has not been at the training ground since then as a precaution," a statement read.
"However, his test came in positive this evening and he will undergo a period of self-isolation.
"Despite testing positive for the virus, Callum is doing well and looking forward to returning to the training ground as soon as it is possible."
It added: "We wish Callum a speedy recovery and look forward to welcoming him back to the club soon."
Arsenal head coach Mikel Arteta has also tested positive for coronavirus and his side's clash with Brighton and Hove Albion was postponed.
The Premier League is due to hold an emergency meeting on Friday, while Chelsea are scheduled to visit Aston Villa on Saturday.
Hudson-Odoi tested positive for the virus last month, one of the events alongside the diagnosis of Arsenal head coach Mikel Arteta that led to the Premier League going into shutdown.
However, the 19-year-old only experienced minor symptoms.
"I am feeling perfect," he told Chelsea's official website. "I had the virus, which has cleared now. I fully feel good, I feel fit, so I am feeling back to myself so it is all good.
"I had it [the illness] three weeks ago now I think, on a Monday when I felt a bit hot and I was thinking this is a bit unusual, why do I feel this hot.
"The next day I was feeling back to normal. I thought it was just a minor temperature thing, but obviously it wasn't. I said to myself this wasn't actually that bad, the symptoms, and I said to myself I feel good, I feel better.
"Everything is happening so fast and I did not know this virus would be such a major thing and so big in the world and affect so many people.
"Everyone has to be careful and judge things how they go and hopefully the virus will go soon and everyone will be back to normal."
As part of football's response to the coronavirus pandemic, Euro 2020 has been pushed back 12 months – something of a motivating factor for England international Hudson-Odoi, who has struggled for form and fitness at times this season.
"For me it is an opportunity to show again and keep pushing myself to the max to hopefully have an opportunity to go to the Euros," he added
"The Euros is a massive thing and I have big belief in myself and hopefully I will be able to get into the team.
"I just want to make sure that I keep pushing myself every game and every minute, making sure that I keep trying to score goals and make assists and keep trying to help the team as much as possible to get what we want, which is a trophy at the end of the day."
The Football Association has announced 16 players across England's senior men and women's teams, and the Under-21 squad, will take part in a competition that begins next week.
As well as underlining the importance of the United Kingdom government's advice for citizens to stay at home amid the coronavirus pandemic, the tournament will also highlight the National Emergencies Trust, a collection of community foundations that distributes money to charities.
Chelsea trio Mason Mount, Callum Hudson-Odoi and Tammy Abraham will also compete in the tournament, along with fellow England players Callum Wilson and James Maddison.
Lucy Bronze, Jordan Nobbs and Ellie Roebuck - all part of Phil Neville's women's squad - will also be involved, as will Under-21 internationals Reiss Nelson, Todd Cantwell, Max Aarons, Eddie Nketiah and Ryan Sessegnon.
The opening round of the tournament begins on Friday, April 10.
The prize, presented by Italian newspaper Tuttosport and won by Joao Felix last year, is given to the best player aged 21 or under from a top-tier league in Europe.
Haaland is a leading contender for the accolade after scoring 44 goals across all competitions in 2019-20 – 16 of those coming in 18 appearances after a mid-season move from Salzburg to Borussia Dortmund.
Among all Bundesliga players last season to have scored at least 10 goals, only Robert Lewandowski (81.2) had a better minutes-per-goal record than Haaland (81.7).
His Dortmund team-mate Sancho finished the 2019-20 league campaign with 17 goals and 16 assists, making him the first player since Opta began detailed data collection (2004-05) to register at least 15 in both categories in the same Bundesliga campaign.
The England international's prolific campaign saw him become the youngest player (20 years, two months and six days old) in the history of Germany's top flight to reach 30 career goals.
Despite their impressive numbers, Haaland and Sancho face stiff competition from Fati, who became the third-youngest player (16 years, 304 days old) to find the net in LaLiga history and the youngest of all time in the Champions League (17 years, 40 days).
He finished the season with eight goals in all competitions and has continued his rise this term, netting three times in as many LaLiga games and becoming the youngest player to score for Spain.
Alphonso Davies will also be in contention after establishing himself as one of the top left-backs in the game during Bayern Munich's treble-winning season.
The full 20-man shortlist:
Mitchel Bakker (Paris Saint-Germain), Eduardo Camavinga (Rennes), Jonathan David (Lille), Alphonso Davies (Bayern Munich), Sergino Dest (Barcelona), Fabio Silva (Wolves), Ansu Fati (Barcelona), Phil Foden (Manchester City), Ryan Gravenberch (Ajax), Mason Greenwood (Manchester United), Erling Haaland (Borussia Dortmund), Callum Hudson-Odoi (Chelsea), Dejan Kulusevski (Juventus), Rodrygo (Real Madrid), Bukayo Saka (Arsenal), Jadon Sancho (Borussia Dortmund), Dominik Szoboszlai (Salzburg), Sandro Tonali (Milan), Ferran Torres (Manchester City), Vinicius Junior (Real Madrid).
