Chelsea's January window currently centres around defensive reinforcements, signing a new midfielder and trimming the squad as Liam Rosenior evaluates his new group of players.
In defence, the top target is obvious.
Stade Rennes' Jeremy Jacquet in action with AS Monaco's George Ilenikhena
Chelsea have agreed personal terms with Jeremy Jacquet, according to transfer specialist Fabrizio Romano, who confirmed on X that the 20-year-old is the plan A at centre-back with his contract ready and the player keen on the move (X).
However, Rennes are demanding a club-record sale fee of around £57 million, while Chelsea's bid currently sits lower (X).
Speaking on his YouTube channel, Romano revealed Chelsea dispatched officials on a mission to France recently for "very positive conversations" on the player side, though a club-to-club agreement remains absent (via Chelsea News).
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It has come out of left field.
Financial negotiations expose a significant gulf in valuation, with Rennes demanding more than what Chelsea are ready to fork out as a base fee.
"Chelsea decided to go in because Chelsea a few days ago did a mission in France to meet with Rennes and start the conversations – very positive conversations – on player side, but still no agreement club to club," Romano said on Thursday.
“At the moment Rennes are still asking for very big money and so at this stage there is no agreement done or close club to club. The conversation is ongoing but it’s complicated at this stage.”
Outgoings are also a key objective at Stamford Bridge right now.
Romano reported on his YouTube channel earlier this week that Napoli initiated contact with Raheem Sterling's representatives to determine the feasibility of pursuing the ostracized winger.
Sterling
Sterling would genuinely welcome experience outside England despite previous suggestions otherwise, recognizing how Italian football rejuvenated the likes of Scott McTominay and Rasmus Højlund.
Both ex-Man United men have since dazzled in Serie A, and the case could be similar for Sterling.
Chelsea are also looking to add steel to their midfield, with BlueCo now considering a move for Juventus midfielder Douglas Luiz, amid his loan spell at Nottingham Forest.
Now, according to journalist Graeme Bailey and other sources, the club are also in pursuit of Atlético Madrid star Julian Alvarez.
Chelsea hold talks with Atlético Madrid star Julian Alvarez
As per Bailey, writing for TEAMtalk, Chelsea have quietly positioned themselves in the race for Alvarez, with intermediaries holding discreet discussions about the Argentine's uncertain future in Spain.
Atletico Madrid striker Julian Alvarez
The outlet claims Alvarez is increasingly frustrated with life in Madrid, pushing Barcelona to prioritise him as an attacking target, though financial roadblocks complicate any major deal.
With a move to Barça in doubt, representatives of the ex-Man City player have begun exploring alternative options, making Paris Saint-Germain and Premier League clubs aware of his potential availability.
Crucially, sources indicate Alvarez would only entertain returning to England if he relocated to London specifically.
This could hand Chelsea a boost in pursuit of the £87 million striker, but Arsenal are also believed to be among his high-profile suitors.
It is also reported that Chelsea have held talks with Alvarez's representatives, as have Arsenal, so a return to England could be on the cards with Barça handicapped.
The two clubs have tracked him since his River Plate days, and despite significant recent spending, both London sides remain opportunistic when elite talent emerges, viewing the 25-year-old as a world-class player capable of elevating their attack.
Alvarez notched 36 goals and 19 assists across 109 Manchester City appearances, winning two Premier League titles, the Champions League and an FA Cup.
This season at Atlético, he's managed 11 goals and five assists in 28 appearances across all competitions, leading their scoring charts despite facing criticism.
Contracted until 2030 following his £82m transfer, Atletico hold leverage to demand a substantial fee, though his proven Premier League pedigree makes him a genuinely intriguing prospect for Chelsea.
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