Liverpool and Chelsea are believed to be competing for Paraguay striker Oscar Cardozo. Turkish side Fenerbahce were believed to be leading the race but have put negotiations on hold after failing to agree a transfer fee.

TalkSPORT reports Benfica want a minimum of £14.5m for the 30-year-old. However, Fener's president, Aziz Yildrim, is unwilling to spend so much for a player who has only a few years left in him.

Oscar Cardozo

"Wait until the first week of July. Cardozo is a great player, but we have to consider the interests of the club, and see if there is a club who will pay £14.5m for a 30-year-old. Let's see if we can find a club that will pay £14.5m," he explained.

Cardozo enjoyed a strong 2012/13 season, scoring an impressive 17 goals from 16 Primeira Liga start and 26 goals in 35 appearances overall. However, despite his personal form, Benfica finished the season without silverware - they lost the league to rivals FC Porto, the Europa league to Chelsea and the domestic cup to Vitoria Guimares.

An earlier report by Portuguese newspaper O Jogo revealed that an unidentified Premier League club may have lodged a €17m offer for Cardozo, who may be willing to shift clubs after a disappointing season.

Cardozo may be targeted by the reds to fill a potential void if Luis Suarez leaves Anfield in the summer. The 26-year-old has expressed his discontentment at the Merseyside club and has been linked to Real Madrid.

Meanwhile, new Chelsea manager Jose Mourinho is expected to hold talks with the misfiring Fernando Torres after the Spanish international returns from Confederations Cup duty. The former Liverpool forward scored four goals in Spain's 10-0 rout of Tahiti on Thursday night but has failed to find significant form for the Blues. Mourinho is expected to hold on to Torres but also shop for another striker, either as cover or competition for the Spaniard.