Chelsea owner Roman Abramovich is prepared to offer £42 million for Atletico Madrid ace Sergio Aguero.
The Sun Abramovich wants to give new boss Carlo Ancelotti a big-name signing.
Yet they face a race to seal the deal for the Argentine striker as the Spaniards play a Champions League qualifier against Panathinaikos on Wednesday.
Atletico are likely to turn down the offer and tell Chelsea they must match the £50m get-out clause for hot-shot Aguero, 21.
Chelsea's offer would eclipse Manchester City's £32.5m signing of Robinho as the British record.
Ancelotti said: "The market finishes on August 31 and if there is some possibility to improve the squad we can do it."
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