The Sun claims Blues boss Carlo Ancelotti has been given the go-ahead to make a £50million bid for the Spaniard.
Chelsea chief executive Ron Gourlay said: “If it was good for the club then we can make an exception to buy a marquee player.
“We have to challenge for trophies. We have a good squad and don’t feel we are required to spend a huge amount.
“It’s a balancing act between keeping to our strategy of trying to become self sufficient and improving the team.
“However, we want to let our on-field success drive our commercial income and any decision about signings will be made by Ancelotti.
“There is a balance to be had between young players coming through from the academy and those players that we might sign.”
