Chelsea have reportedly presented Atletico Madrid with an improved bid for Joao Felix.
For over a week, a complex transfer triangle has been on the table involving Julian Alvarez, Conor Gallagher and one of two Atletico players.
Alvarez has since completed a switch to the La Liga giants, yet the remainder of the saga remains unresolved with Gallagher having returned to England after five days in the Spanish capital.
The failure of Chelsea to finalise a deal for Samu Omorodion led to Felix - a former Chelsea loanee - becoming a realistic alternative.
Over the past 48 hours, the respective clubs who are said to have fallen out have been attempting to negotiate fresh terms that suit everyone, with all those concerned keen to get the deals over the line.
As it stands, though, there has been no positive resolution, leaving the respective parties at the table ahead of their new seasons.
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Chelsea make improved offer for Felix
Arguably the biggest stumbling block lies with Atletico valuing Felix far higher than Omorodion. Amortisation reasons mean that Atletico would lose out in the eyes of the regulations if they were to sell Felix for in the region of £34m.
With Chelsea wanting the pure profit that they can generate for Gallagher, it has resulted in co-owners Todd Boehly and Clearlake Capital needing to make a decision over how to proceed.
According to O Jogo, Chelsea have told Atletico that they are willing to put together a £54m proposal for the Portugal international.
However, the report states that Chelsea are only prepared to pay approximately £30m up front, something that may not necessarily suit Atletico.
Atletico are now effectively left with the ball in their court, aware that they ideally need to provide Gallagher with an update on his future at a time when he has been left in limbo.
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Will Chelsea have a limit over Felix bid?
How Chelsea are continuing to comply with the Premier League's Profit and Sustainability Rules remains a hot topic for debate, and it will likely dictate that they will not spend over the odds on Felix.
Despite there being a willingness on the player's side to complete a transfer, he contributed just four goals in 20 outings during a previous loan stint at Chelsea.
The West Londoners also allegedly want to add a recognised centre-forward to their ranks at a time when they also need to facilitate a fire-sale of unwanted players, some of whom are on big wages.
Darren Plant
