Malaga are reportedly preparing a January bid for Chelsea striker target Hulk.
The FC Porto striker, who signed a new five-year contract with the club this summer which contained a €100 million release clause, continues to be linked with a move away from the Estádio do Dragão following Andre Villas-Boas' exit in June.
Chelsea were heavily linked with a move for the player following the 34-year-old manager's arrival at Stamford Bridge, but Spanish radio station Cadena Ser reports that big-spending Malaga are preparing a €40 million offer for the 25-year-old.
Barcelona and Real Madrid are also thought to be interested in the Brazilian international, but it's the club recently taken over by buyers from Qatar who lead the race from La Liga.
Speaking earlier in the week, Hulk admitted he was aware of interest from clubs like Chelsea in England, as well as teams from Italy.
“Although there is speculation, I am only focused on my club,” talkSPORT quote the striker as saying.
“There are rumours that clubs in England and Italy want me, but I will concentrate on Porto.”
Chelsea were thought to have the advantage over their rivals this summer following Villas-Boas' appointment as Blues boss, but Vítor Pereira held firm and managed to keep the former Tokyo Verdy striker at the club.
However, his long-term future is expected to lie away from the Primeira Liga, and Chelsea will be hoping they are the club who can land the player if, or more realistically when, he leaves the Europa League holders.