Atletico Madrid will make former player Fernando Torres their number one transfer target, following the sale of Radamel Falcao to AS Monaco.
They will face stiff competition for the Spaniard's signature from La Liga rivals Barcelona, and Italian side Napoli, who are both believed to match Atletico's interest.
Chelsea striker Torres, 29, faces a far from certain future at Stamford Bridge, with returning Blues boss Jose Mourinho reportedly happy for the former Liverpool star to depart, freeing up funds for the signing of striking targets Edinson Cavani, or Hulk.
Torres remains keen to stay, having seen his sporadic Chelsea form improve last year as he netted 22 goals in all competitions, but talks are believed to already be in place over the forward's switch to the Nou Camp.
However, with Barca only looking to sign him as an impact substitute, Torres may still be swayed by former employers Atletico, for whom he still enjoys cult hero status, having scored 91 goals in 243 appearances between 2001 and 2007.
Madrid have previously revealed their interest in re-signing Torres, but the sale of Falcao to big-spending French side Monaco has now handed them the funds to make a move.
According to the Spanish press, Atletico have already made contact over a transfer and expect to meet senior Chelsea officials within days for further negotiations.
Rafael Benitez, who managed Torres at both Liverpool and Chelsea, is keen to bring the striker to Naples, but will likely have to wait for Cavani's future to be decided before he can submit a rival bid.
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