AC Milan would consider an offer in the region of £39 million for Brazilian striker Alexandre Pato, according to calciomercato.com.
The 22-year-old has previously interested Manchester City and Paris St-Germain, however, Chelsea's interest has been more consistent.
And Chelsea would need a bid equivalent to the second most ever paid out for a player by an English club to sign the Milan star.
Chelsea broke the British transfer record when they signed Fernando Torres from Liverpool in the January transfer window for £50 million.
And the signing of Pato would be another sign that Chelsea owen Roman Abramovich will refuse to relent in his spending spree.