Chelsea are ‘advancing’ ahead of Arsenal and Barcelona in their attempts to sign Julian Alvarez from Atletico Madrid, according to reports.

Chelsea?have spent well in excess of a ￡1billion since a Todd Boehly-led consortium replaced Roman Abramovich as the owners in May 2022.

There has been an influx of young and talented players coming into Stamford Bridge as BlueCo look to make profits on prospects while leading Chelsea back to challenging for titles.

Chelsea have finished sixth and fourth in the last two seasons in the Premier League as BlueCo’s plan has so far failed to deliver success on the pitch, while they are currently fifth having sacked Enzo Maresca for Liam Rosenior.

However, there are still a number of positions that they need to improve to have a chance of winning the Premier League title as soon as possible.

A new goalkeeper, centre-back and striker are seen as key additions to give Rosenior a good chance of winning the Premier League title next term.

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And former Manchester City striker Alvarez, who has also been interesting Arsenal, seems to be their top target to strengthen their attack with Chelsea heavily linked to the Argentina international.

ESPNjournalist Jorge Baravalle insists that Chelsea “the most advanced contacts” over a deal for Alvarez with one his representatives in London last week.

Baravalle said: “I insist, people are talking about a lot with Barcelona and Arsenal.

“But I’m being told that the team slowly moving forward is Chelsea. Chelsea, quietly, are advancing for Julián álvarez.

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“I’m told there are conversations. In fact, part of the agency handling Julián’s transfer was in London this week, watching Chelsea v Arsenal.

“They know both clubs want him, but what I’m being told is that, as of today, the most advanced contacts are with Chelsea.”

Football Insider journalist Pete O’Rourke insists that Atletico Madrid are looking for a deal in the region of ￡80m or above to allow a deal to go through.

O’Rourke said recently on Football Insider: “Alvarez is a top player, he’s proven that. He was South American Footballer of the Year and is Premier League proven after winning the title a couple of times with Man City.

“It’d be a huge deal for Atletico to even consider selling him as well, you’re probably looking around ￡80million plus for someone like him.

“He’s under contract until 2030, and there’s been talk that Atletico would look to try and tie him down to a new deal.

“If there’s any indication that Alvarez would consider a move away from Atletico, you’ll have all the biggest and best clubs in Europe ready to try and sign the Argentine.”