Returning Blues boss Jose Mourinho has been given a warchest by Roman Abramovich and AC Milan star Stephan El Shaarawy currently tops the Portuguese's shortlist, according to the Daily Express.
El Shaarawy has generated huge excitement around the world of football, with AC Milan legend Jose Altafini comparing him to both Messi and Neymar in that they all play "with the ball glued to their feet".
You might not have heard of Altafini, incidentally, but you've certainly heard him: after a stellar playing career he became a commentator and voiced the legendary 'GOOOAAALAAZZZOOO!' scream used on Channel 4's much-loved Football Italia programme. What greater credentials could you have as an expert on Italian football?
Back to El Shaarawy, who has just returned from the Confederations Cup in Brazil, and given all this it's perhaps unsurprising that he is being chased by a number of top European clubs, including Paris Saint-Germain, Real Madrid, Arsenal, Manchester City and Monaco.
The 20-year-old, who linked up well with Mario Balotelli for the Rossoneri last season when he netted 16 times in Serie A, would set the Blues back around £30 million.
The same paper also reports that Chelsea are on the verge of lodging a bid for the £10m-rated Roma midfielder Daniele De Rossi, as Abramovich's policy of splashing the cash shows no sign of flagging upon reaching his 10th anniversary in charge at Stamford Bridge.
While Mourinho looks to bring in new faces to freshen things up, he faces a battle to keep hold of one of his star players this summer: David Luiz.
The Brazilian Confederations Cup star has been targeted by Bayern Munich, who the Daily Mirror claim are willing to break the bank for, with a bid of £35m suggested.
The paper claims that "Luiz's reluctance to dismiss the idea of a summer move in the wake of Paris St-Germain's interest has made European champions Bayern believe he could be prised out of the west London club".
When you consider Pep Guardiola's immense pulling power and his need to find a partner for existing cent-back Dante, it sounds plausible enough, even if the report claims Chelsea have privately dismissed the idea that Mourinho is not entirely convinced by the 26-year-old.
And you never know, Abramovich may be keen to recoup some of the £1.49bn in wages, £642.3m (net £510.1m) in transfers and £20m from the training ground he has spent over the past 10 years, amounting to £629.2m in losses (thanks to The Independent for crunching those numbers).
As there was yesterday, there is plenty of Wayne Rooney again adorning today's papers, some of wildly conflicting stories.
While the Daily Mirror report that Arsenal are set for disappointment with new Manchester United boss David Moyes ready to assure the England striker he will not be dropped or substituted for big games, the Daily Mail claim both the Gunners and Chelsea are on red alert with Alex Ferguson's successor increasingly resigned to the fact that Rooney’s Old Trafford career is coming to an end.
Meanwhile, the Daily Star's back page informs us that United are 'Back in for Baines', with an increased bid of £16m expected to be tabled for Everton full-back Leighton Baines, after a £12m offer was rejected last week.
The name of Henrikh Mkhitaryan is also trending at the moment, with the Armenian midfielder thought to be on the verge of a move to Liverpool.
But his proposed £25m transfer from Shakhtar Donetsk doesn't look like it's going to be plain sailing as difficult talks with the player's three owners proceed "painfully slowly", the Daily Mirror reports. Yes, three owners. Oh dear.
The delay may scupper a deal entirely though, with Shakhtar boss Mircea Lucescu using the opportunity to tell Mkhitaryan that swapping Champions League regulars Shakhtar for a club not even in the Europa League next season is not necessarily a step up. He has also been reminded that there is still time to reconsider, the report claims.
Whatever happens to Mkhitaryan, it appears Jonjo Shelvey is certainly on his way out of Anfield, with the Mirror reporting that Crystal Palace boss Ian Holloway has now joined the race for the England starlet. The paper is certain that midfielder Shelvey will be sold by Brendan Rodgers after falling down the pecking order.
In other news today, Arsenal (despite their massive spending power, which may or may not see them land Rooney and/or Gonzalo Higuain) appear to have missed out on capturing Lyon star Clement Grenier this summer, with the midfielder preferring to stay in France for at least another season. (Daily Star)
New Everton boss Roberto Martinez, who may be forced to watch several players follow the departed Moyes out of the Goodison Park door this summer, looks like he will do likewise to his old club Wigan. The Daily Mirror report that the Spaniard is after striker Arouna Kone, although he will be expected to stump up £5m up front to be reunited with the Ivory Coast international.
Another man apparently keen on reunions is West Brom manager Steve Clarke. The Sun reports that the former Chelsea assistant coach is lining up a move for Nicolas Anelka, a man he knows well from their time at Stamford Bridge together.
Anelka is on the move again after a short six-month stint at Juventus, during which time he made just three appearances.
Should the Frenchman move to The Hawthorns, not only would he be reunited with Clarke, but possibly Salomon Kalou too. The Ivorian, the Mirror claims, is being targeted by Clarke, who is keen on "bringing him home" to the Premier League.
The Daily Mail adds that Clarke is also watching Franco Di Santo, yet another former Chelsea player, although Arsenal and Cardiff are also considering the Argentine.