Chelsea have received a bid of £24m from Juventus for striker Fernando Torres, according to Goal.com.
The Spanish striker has endured a torrid time since move to The Blues in January 2011, scoring just seven league goals in 18 months.
Torres has enjoyed a brief return to form in the summer's European Championship, scoring twice against Republic of Ireland, however fears remain that his international revival could prove temporary come his return to Chelsea.
Juventus are understood to have shelved a move for Napoli's Edinson Cavani, in favour of moving for Torres, who would be available for a fraction of his original £50m transfer fee.
The Old Lady return to the Champions League next season having claimed their first Serie A title for nine years, following the Calciopoli match fixing scandal of 2006, which saw the club demoted to Serie B.
Therefore, the club are looking to make an immediate impact, and having spent big last summer, manager Antonio Conte is hoping to add to his title winning squad in the current window.
After moving from Liverpool to Stamford Bridge for British transfer record in 2011, Torres has failed to recapture the form that saw him regarded as one of the world's most feared strikers.
He netted the winner in the Euro 2008 final against Germany, but has since failed to make a significant impact at a major competition.
The 28-year-old enjoyed an impressive end to the season, scoring decisively in the Champions League at the Nou Camp to help knock-out holders Barcelona, while his hat-trick against Queens Park Rangers proved Torres' finishing touch is far from extinguished.
Despite his problems, having released both Salomon Kalou and Didier Drogba, Chelsea find themselves short of attacking options heading into the new season, with Daniel Sturridge and Romelu Lukaku the only additional forwards in reserve.
Chelsea have recruited creative pair Marko Marin and Eden Hazard ahead of the new campaign, and are on the verge of agreeing terms with Porto forward Hulk.
Torres is therefore likely to play a crucial part in Chelsea's plans for the new season, and is unlikely to be sold for what would be less than half of his transfer fee just a year-and-a-half ago.