Atlético Madrid are understood to be prepared to accept £40m for their 21-year-old Argentinian striker, Sergio Agüero.
Chelsea's pursuit of Atlético Madrid's Sergio Agüero is being driven by the club's director of football, Frank Arnesen, in what represents the first major test of his ability to operate in the transfer market since he assumed responsibility for senior player recruitment following the departure of the club's chief executive, Peter Kenyon, last month.
Although Atlético have in place a €60m (around £57m) buy-out clause in Agüero's contract it is understood that they may well accept around £40m for the 21-year-old. That amount would represent a £7.5m increase on the British record £32.5m Manchester City paid to Real Madrid for Robinho last season.
Although Arnesen will be under instructions from Chelsea's owner, Roman Abramovich, to try and close the deal for less than £40m, Madrid will tell the Dane that this sum represents the minimum they would accept.
The pressure on Arnesen, who joined Chelsea from Tottenham in 2005, to secure Agüero's signing in the January window will be increased due to the transfer embargo which was applied by Fifa over the Gaël Kakuta affair before being paused, pending appeal, by the Court of Arbitration for Sport.
The ban could well be upheld in March when the case will be decided. If so that could prevent Chelsea from making any new signings for the following two windows, meaning Carlo Ancelotti would be unable to add to his squad until the summer of 2011.
Agüero's prospective move from Atlético is complicated by the Spanish club's challenging internal politics, which are dominated by Enrique Cerezo, the president, and general manager, Miguel Angel Gil Marín.
Cerezo, who despite being president owns less of Atlético than Gil Marín, wants to keep Agüero. Gil Marín, meanwhile, believes the club should cash in on their prime asset. Yet while Gil Marín's greater shareholding means he has the prospective veto over any decision, it is Cerezo who invests the greater finance.
Agüero has also been told by Diego Maradona, his national team coach and father-in-law, to leave the club to enhance his prospects of becoming first-choice for Argentina at next summer's World Cup.
Meanwhile, the Chelsea midfielder Michael Essien is one of three Ghana players who will be "investigated" by the national association for failing to travel with the national team for a friendly against Angola.
A statement by the Ghana FA general secretary Kofi Nsiah said: "Unfortunately three players – Michael Essien, Sulley Muntari and Asamoah Gyan – did not travel with the team to Angola on Monday night for the Angola friendly. The players stayed out without the permission of the head coach, Milovan Rajevac. The FA views this act with great concern and will investigate the matter further to inform its next course of action. The FA will take action after concluding investigations following the failure of above mentioned players to secure the consent of the head coach."