Chelsea will offer Real Madrid €80 million (£70.75 million) for striker Álvaro Morata, according to Spanish newspaper AS.
Previous reports had linked Morata with a high-profile move to Manchester United.
However, United’s interest in the Spaniard ended when it signed powerful striker Romelu Lukaku for a £75 million fee.
Chelsea is in the market for a marquee goalscorer after telling Diego Costa via text message that he is no longer required at the club.
And with Lukaku out of the shop window, Chelsea has reportedly honed in on Morata.
AS claims a club-record bid of €80 million will be made “in the coming days,” topping the £50 million fee it paid Liverpool for Fernando Torres in 2011.
This fee may not be enough to convince Real Madrid to do business, though, as the La Liga giant is said to be demanding €90 million (£80 million).
When both clubs can agree a fee, Chelsea will be granted permission to negotiate personal terms with the player.
AS believes those terms will include a pay rise. Currently, Morata receives a €6 million salary at the Santiago Bernabéu. This means he will receive a package worth more than €30 million (£26.5 million) over a five-year period at Chelsea.
If Morata does transfer to Chelsea he will become the club’s second major signing of the summer transfer window, after the £29 million capture of AS Roma defender Antonio Rüdiger on Sunday.
And the spending may not end there. Chelsea is also interested in Juventus left back Alex Sandro and AS Monaco defensive midfielder Tiemoué Bakayoko.