Chelsea have entered the race for Napoli and Argentina striker Gonzalo Higuain.
According to The Daily Star, Liverpool, Arsenal and Manchester United have also been linked with 'mega-money moves'.
Jose Mourinho has apparently identified the 27-year-old as a possible replacement for the departing Didier Drogba.
The Portuguese worked with Higuain during his time in charge at Real Madrid before selling him to Napoli in 2013 and it is believed Chelsea are willing to bid £30 million for Higuain's services.
Meanwhile, Chelsea and United are battling to sign Atletico Madrid central defender Joao Miranda.
This morning's Daily Telegraph reports that Brazil international Miranda's contract expires next summer and Atletico are concerned they will be forced to sell the 30-year-old.
Atletico have offered Toby Alderweireld to Chelsea in an attempt to divert their attention, but Mourinho has made it clear he would prefer to sign Miranda.
Real Madrid's Raphael Varane has long been Mourinho's top defensive target, but the arrival of Rafael Benitez at the Bernabeu could prevent a deal this summer.
Atletico want to re-sign left-back Filipe Luis from Chelsea, which could strengthen Mourinho's hand in the battle with United over Miranda.
The Mirror reports that Chelsea are on alert after Christian Benteke confirmed he wants to quit Aston Villa for a club playing in Europe.
The 24-year-old Belgian striker, targeted by Liverpool and the Blues, said: "My agent knows my ambition."
Chelsea are big admirers of Benteke, who has two years left on his Villa contract and a £32.5m release clause.
And finally, Juan Cuadrado's disastrous stint at Chelsea is set to end with the Blues agreeing to sell him this summer, suggests The Metro.
Cuadrado, a £23.3m January arrival from Fiorentina, has struggled to adapt to the Premier League and was quickly panned by fans on social media.
And amid rumours Inter Milan and Roma are keen, reports say Chelsea have agreed to sell Cuadrado - four months after his arrival.