Chelsea have joined the race to sign one of the most exciting young talents in South America after registering their interest in Uruguayan wonderkid Federico Valverde. The 16-year-old midfielder is currently on the books at Penarol, but attracted attention after a series of eye-catching performances in the South American Under-17 Championships. Blues boss Jose Mourinho is keen to negotiate a deal to bring Valverde to Stamford Bridge, but faces competition from Premier League rivals Arsenal, who have also been credited with an interest in the talented teenager. The Gunners have already made contact with the player's representatives, with the bidding set to start at around £2m. However, there's still time for Chelsea to clinch Valverde's signature as the two clubs prepare to go head-to-head this summer.