Real Madrid have reportedly set a £67m price tag on the head of striker Alvaro Morata.
The 23-year-old returned to the Spanish capital from Juventus this summer after Real exercised a buy-back clause in his contract, although reports suggested that Los Blancos planned to sell him on for a much higher price.
Chelsea are thought to be leading the race for his signature, but The Mirror reports that they have already seen bids of £50m and £62m rejected by the European champions.
The report goes on to say that they have been quoted a price of £67m, with Madrid now more reluctant to sell having pulled out of the race to sign Morata's former Juve teammate Paul Pogba.
Chelsea boss Antonio Conte is understood to be interested in both Morata and £50m-rated Everton striker Romelu Lukaku, but both players' valuations are currently more than Chelsea are willing to offer.
The Blues have already spent £33m on bringing Michy Batshuayi to the club this summer, while Conte recently hinted that Diego Costa would also be staying at Stamford Bridge.
Barney Corkhill
