Real Madrid have blocked Chelsea'sattempts to sign James Rodriguez on a season-long loan.
The Daily Mirror says Real supremo Florentino Perez is only willing to let the Colombia international go on a permanent deal, with a £60m ($80m) price quoted.
Rodriguez, 25, has lost his first-team status at the Santiago Bernabeu under Zinedine Zidane. He started the club's recent La Liga matches against Real Sociedad and Celta Vigo on the bench, despite Cristiano Ronaldo and Karim Benzema both remaining absent.
Chelsea are looking to strengthen their attack before the transfer window closes and have identified the Colombian playmaker as a desirable addition to their squad.
The Mirror says Rodriguez is open to a move to the Premier League and his family are keen on relocating to England.
Arsenal, Liverpool, Tottenham and Juventus are among the other clubs linked with a move for the midfielder.
'Lack of respect'
Speaking after Real's 2-1 win over Celta, Zidane praised Rodriguez's second-half cameo and insisted that he would stay at the Bernabeu.
"I thought James did well. It's not easy to come on and make a difference," the Frenchman told the club's official website.
"He looked good, had a chance [to score], and as you say, he's going to stay here."
Rodriguez won the Golden Boot at the 2014 World Cup and is contracted to Real until 2020. He was signed for an initial fee of about €80m from Monaco in 2014.
The 25-year-old scored seven goals in 26 league appearances for Real last season.
In an interview last week, former Colombia international and Newcastle United player Faustino Asprilla accused Zidane of treating Rodriguez with a lack of respect.
"James has been missing a bit more confidence from Zidane and that he gives him a little bit more respect," he told Onda Cero.
"He was given the opportunity to play when he arrived at Real Madrid and it cannot be that he played well under [Carlo] Ancelotti and then the next year Zidane takes over and he plays badly.
"If he hasn't been able to continue to prove his worth, it's because the coach is not counting on him.
"One has to show a little bit of patience and even respect."