Manchester United and Chelsea have been given a 10-day deadline to sign Juan Cuadrado from Fiorentina, according to El Mundo Deportivo.
The Colombian winger is likely to be on the move this summer after impressing at the World Cup, and Fiorentina president Andrea Della Valle confirmed over the weekend that he has asked to leave.
Manchester United and Chelsea are in the running for his services along with Barcelona. Fiorentina are holding out for a huge fee believed to be around €50 million (£40m) including €40 million up front having bought out the remainder of his economic rights from Udinese during the World Cup.
El Mundo Deportivo report that his suitors have been given 10 days to finalise their offers before Fiorentina will make their decision over where the 26-year-old will be heading.
It has previously been reported that he would favour a move to Barcelona, however it has been claimed this morning that he already has an agreement in place with Manchester United. Elsewhere it was being suggested that Chelsea were getting ready to make a move in order to steal Cuadrado from their European rivals.
Despite Barcelona's interest, El Mundo Deportivo report that the Catalan club may struggle to produce the funds to make a move for Cuadrado, having splashed out on six new players already, including £75 million man Luis Suarez. Barcelona won't pay more than €40 million for the tricky winger say the newspaper.
That could open the door to both Manchester United and Chelsea - although it would seem as though the latter have a greater need for the Colombian's services.
New Red Devils boss Louis van Gaal admitted over the weekend that he was short of options out wide and singled out reported target Angel di Maria as the type of player he is lacking. The Argentinian reportedly has a €70 million price tag which is enough to put Manchester United off and focus on a move for Cuadrado instead.
Part of the deal could be funded by the sale of some Manchester United squad players, with reports this morning claiming that seven players will leave Old Trafford this summer, including Nani and Marouane Fellaini.
Chelsea meanwhile have an embarrassment of riches on the wings and are able to call upon the likes of Willian, Eden Hazard, Andre Schurrle and Mohamed Salah to provide width. Despite that, the Express say that Chelsea boss Jose Mourinho will try and sign him, and could use Marko Marin's imminent arrival in Florence in order to twist their arm.