Liverpool are reportedly leading the race to sign the Scottish international, who has long been linked with a move away from Blackpool.
Aston Villa and Birmingham are also believes to be keen on signing the former Rangers ace.
Blackpool boss Ian Holloway has so far in January insisted that Adam will remain at the club at least until the summer.
Adam has 18 months left on his current contract with Blackpool.
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Chelsea have struggled to build momentum in the opening stages of the campaign and are currently looking over their shoulders at the relegation zone.
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