The Blues will consider an audacious bid for the Portuguese star and his Argentine team mate, with Napoli's Ezequiel Lavezzi and Edinson Cavani as cheaper back up optionsFor all the latest reports and transfer rumours, visit our dedicated section here.
Chelsea could reportedly bring Cristiano Ronaldo back to the Premier League in the summer as they consider making an £83.6 million (€100m) bid for the striker and his Real Madrid team mate Gonzalo Higuain.
According to The Telegraph, the pair are thought to be top of a list being drawn up at the London club which may include a reserve bid of £58.5m Napoli pair Edinson Cavani and Ezequiel Lavezzi if they fail to land the Portuguese and Argentine attackers.
Plans of making a move for the players are at a very early stage and no contact has been made with Napoli or Real Madrid.
An intake of players on this scale, however, could mean a parting of ways for out-of-favour players like Salomon Kalou and Florent Malouda, and possibly even Daniel Sturridge, while Didier Drogba's contract is also set to expire at the end of the season.
Chelsea's plans of a major overhaul of the squad will also depend on wether or not they can get an internationally renouned manager to take over at Stamford Bridge, and if they can retain their Champions League status for next season.
However, owner Roman Abramovich is willing to spend big after seeing his side struggle to get into the top four this season.
If the Blues bid for Ronaldo, it would no doubt raise speculation that coach Jose Mourinho could return to the club as the pair also share an agent in Jorge Mendes. However, Abramovich is still reluctant to give the Portuguese a second opportunity, while chances of getting Barcelona manager Pep Guardiola are slim.
Any bid for the pair currently playing in Spain would see Higuain valued at less than £16.7m, after Chelsea attempted to sign the striker two years ago, with the bid faltering. The Argentine is thought to favour a move away from the Bernabeu after falling behind Karim Benzema in the lineup.
Cristiano Ronaldo became the quickest ever scorer of 100 goals in Spanish football on Saturday, and there is no doubt Chelsea are in need of a goalscorer with Fernando Torres' failings in front of goal this season.
However, the Portuguese has endured a tough time in Madrid, including strained relations with some of the supporters and Spanish players, but the club would be loathe to sell their top player.