Reports in the Express claim that Chelsea have held a secret meeting with Atletico Madrid regarding the possible transfer of striker Radamel Falcao.
They say that Spanish TV station Punter Pelota claim the meeting resulted in an agreement that the Blues will pay roughly £5 million extra to secure the 27 year olds services.
The Colombian international, who has been linked with a move to Stamford Bridge throughout the season, has hit 21 goals in La Liga this season.
Paris Saint Germain, Real Madrid and Manchester City are also reportedly interested, though it is Chelsea who appear to have the edge.
Meanwhile, Talk Sport claim that the Blues are one of three London based clubs chasing Sevilla striker Alvaro Negredo.
The 27 year old Spanish international has scored 20 goals in 30 appearances this season, and is also reportedly being monitored by Arsenal and Tottenham Hotspur.
Elsewhere, Chelsea will battle with Tottenham to sign Southampton left back Luke Shaw, according to Metro.
The paper claims that both clubs will table bids in the region of £16.5 million at the end of the season.
However, the 17 year old only signed a new deal at St Mary’s at the beginning of the year, and would be under no pressure to sell, especially if the retain the Premier League status.