Chelsea will face a battle with Real Madrid and Roma to land Gregory Van Der Wiel.
The Ajax right-back looked all set to join Valencia this summer but advanced talks have broken down.
Van Der Wiel is still expected to depart Amsterdam in the summer as he looks for a new challenge - and Chelsea could be ready to make their move.
The Blues' interest in the 24-year-old has cooled slightly this season, following some up-and-down form in the Eredivisie. But with a squad shake-up in the summer looking likely, they may decide to move for him if he impresses during Euro 2012.
But, according to reports in Italy, the Champions League finalists will have to compete with Madrid and Roma, both of whom have now joined the race for the Holland international.