Atletico Madrid are reportedly in negotiations with Paris Saint-Germain regarding the transfer of Chelsea target Javier Pastore in the ongoing transfer window.

Spanish newspaper AS states that the reigning Spanish champions are keen on signing the Argentine international to replace Diego Ribas, who joined Fenerbache for free. Diego Simeone has earmarked his compatriot to replace the Brazilian playmaker, who had only signed a short-term contract till the summer in January from Bundesliga outfit Wolfsburg.

The former Palermo star was believed to have emerged as a target for the Blues boss Jose Mourinho due to his reluctance to shell out £60m for Juventus star Paul Pogba. Manchester United and Manchester City too were said to be eyeing a move for the PSG playmaker but the Spanish capital outfit are now said to be leading the race.

Simeone is preparing his side to defend the La Liga title and has taken a plunge into the market to replace several high-profile departures including the likes of Diego Costa and Filipe Luis, etc with Mario Mandzukic and Guilherme Siqueira.

Pastore is one of the players in the reigning Ligue 1 champions' star-studded squad that are reportedly unhappy about the lack of playing time or being played out of position.

AS claims that the player wants to leave the French outfit as manager Laurent Blanc does not show faith by not giving him a regular starting berth.

The 25-year-old, who can also play on either flank, could see his playing time diminish further with the rumoured arrival of his compatriot Angel di Maria from Real Madrid.

The former Benfica player is in the same mould as Pastore and is said to be on the verge of nearing a move to Parc des Princes.

Additionally, PSG also have a strenuous task of balancing their books due to Uefa's Financial Fair Play policies.

French newspaper Le10Sport suggests that the money for Di Maria's move will be generated from the sales of Ezequiel Lavezzi or Edinson Cavani.

Pastore featured 40 times in all competitions out of which he started only 22 matches. AS' report also suggests that the biggest hindrance in Atletico's pursuit could be his €4m wages. The Parisian club will not be willing to allow the Argentinean to leave for cheap as they would want to recoup the €42m paid to Palermo for his services in 2011.