Marc Cucurella's departure has left a significant hole in Chelsea's squad. The Spanish World Cup winner was one of the best players in the world in his position in recent seasons.
His move to the Bernabeu, however, has had an unintended consequence, it has pushed Alvaro Carreras down the pecking order at Real Madrid. And that could open the door to a remarkable role reversal.
Xabi Alonso had initially set his sights on Pep Chavarria from Rayo Vallecano, but as often happens with smaller clubs sensing interest from the elite, the Conference League finalists have demanded an inflated fee that Chelsea are unwilling to meet.
Alejandro Grimaldo, who was a key player under Alonso at Bayer Leverkusen, was also linked, but the Spanish defender has since signed for Atletico Madrid.
The search continues, and Cucurella's transfer to Real Madrid has opened a particularly intriguing option.
Chelsea eye Alvaro Carreras
According to multiple Spanish outlets including AS, Mundo Deportivo and Sport, Chelsea are actively pursuing Carreras.
Xabi Alonso has personally requested the signing, having worked with the 23-year-old during his time in charge at Real Madrid, where he regularly selected him and even deployed him as a left-sided centre-back on occasion.
Chelsea have already submitted an opening offer of approximately £21 million (€25 million), which was promptly rejected by Real Madrid.
The Spanish club are understood to value Carreras between £42 million and £50 million (€50-60 million), having paid Benfica £42 million (€50 million) just last summer to bring their academy product home.
Carreras made 40 appearances across all competitions for Real Madrid last season, scoring twice and providing three assists. He notably excelled in certain high-profile fixtures, his performance in El Clasico, where he nullified Lamine Yamal, was particularly impressive.
However, the arrival of Cucurella has pushed Carreras into a backup role. Mourinho views the Spain international as his undisputed first choice at left-back, leaving Carreras facing a season of reduced game time.
A deal that could cancel itself out
The financial symmetry is striking. Real Madrid paid £42 million (€50 million) for Carreras and received approximately £47 million (€55 million) from Chelsea for Cucurella. If Chelsea were to match Real Madrid's valuation, the two transfers would effectively cancel each other out.
From a sporting perspective, the move makes considerable sense for Chelsea. Carreras would arrive at Stamford Bridge with top-level experience from La Liga and the Champions League, familiarity with Alonso's methods, and a clear pathway to becoming the club's first-choice left-back.
The biggest obstacle remains Carreras himself. According to FootballPlace, the defender is reportedly keen to stay at Real Madrid and fight for his place, despite Cucurella's arrival.
Chelsea hope that the prospect of a guaranteed starting role under a manager who believes in him could eventually change his mind, but that conversation is unlikely to progress unless the two clubs first agree on a fee.