Chelsea will use the money they received from Manchester United for Juan Mata to try and beat them to the signature of Southampton defender Luke Shaw, according to the Mail Online.
With Ashley Cole now 33 and yet to be offered a new contract, the Blues are keen on bringing in the highly rated left-back while United are looking to continue rebuilding after breaking their transfer record at the weekend by bringing in Mata.
The club are still in a £20m profit this month despite bringing in Nemanja Matic and Mohamed Salah, and are confident they have the financial muscle to get a deal for Shaw over the line.
However, the Daily Star understands that the South Coast club have absolutely no intention of selling the 18 year old.
Manager Mauricio Pochettino has reiterated that the Saints are keen to keep hold of all of their star players this month.
Elsewhere, reports in Spain suggest that an agreement has been made between Chelsea and Atletico Madrid for a swap deal for Thibaut Courtois and Diego Costa, the Mail Online understands.
Courtois has spent the last three seasons on loan with the La Liga side, while Costa, who is currently the second top scorer in La Liga behind Cristiano Ronaldo, is wanted by a host of European clubs.