Real Madrid defender Pepe will reportedly consider a move to Chelsea if his demands are not met at the Bernabeu.
The 33-year-old has been a Madrid player since his 2007 switch from Porto, and is believed to be looking for his final lucrative contract.
Reports have claimed that the Spanish giants have offered Pepe a one-year extension, but the Portugal international is holding out for a two-year contract.
According to The Mirror, the defender's advisers believe that Chelsea would be interested in making a move for Pepe should he become available.
The European Championship winner is free to talk to other clubs from January 1 as his current terms expire at the end of the season.
