Chelsea look to be favorites to secure the much-coveted signing of young Malaga star Isco after securing a first option to buy the 20-year-old this summer, according to the London Evening Standard.

The deal is believed to have been struck as a condition of Chelsea allowing their young Brazilian forward Lucas Piazon to move to the La Liga club on loan until the end of the season.

Isco is viewed as one of Europe’s top prospects on the back of a string of standout performances for Malaga, particularly in the Champions League this season. The Evening Standard claims that Real Madrid had a £13 million offer rejected this month.

The attacking midfielder has been repeatedly linked with a move away from Malaga on the back of the club’s financial problems that forced them to sell Santi Cazorla at a bargain price last summer.

The signing of Isco, who has yet to win his first cap for Spain but has represented the country at every youth level, would represent a significant coup for Chelsea. However, just how they would integrate the former Valencia player into a team that already has the likes of Oscar, Juan Mata and Eden Hazard competing for advanced midfield berths remains to be seen.

Those issues also make the claim from the Daily Express that Chelsea are interested in Real Madrid’s Kaka difficult to fathom.

Spanish publication El Economista has suggested that Madrid may be prepared to cancel the Brazilian’s contract as he continues to fail to justify his massive salary. Reportedly, both Chelsea and Manchester United would be interested in securing the 30-year-old on a free transfer.

Such assertions appear unlikely to come to fruition, however. Italian publication La Gazzetta dello Sport states that Milan vice president Adriano Galliani is in negotiations with Kaka’s representatives to take him back to the Italian giants on loan.

It also appears unlikely that Chelsea will be signing Lyon striker Bafetimbi Gomis in the near future. The Blues, along with Liverpool and Newcastle, are believed to be interested in the France international. The Ligue 1 club have said that there have been bids for their top scorer, but the player does not want to leave.

"We had offers for Gomis, but he refused," Lyon’s president Jean-Michel Aulas told BeIn Sport.

Gomis, 27, has confirmed that he has no intention of leaving until at least the summer.

"I want to finish the season here but the club also has their say, let's wait and see,” he told Sky Sports. “Until the window closes there will be speculation.”

Chelsea’s link to Nordsjaelland central defender Jores Okore has also been discussed with the Sun reporting that the 20-year-old has been made available for £4 million. The Denmark international is also believed to be drawing interest from Liverpool and Fulham.

A move for a defender would not appear to be a priority for Chelsea at this stage, with John Terry, Gary Cahill, Baranislav Ivanovic and David Luiz competing for a spot at the heart of the back four. Although, if Terry’s injury problems continue and Luiz establishes himself in midfield, Okore could potentially come into the reckoning.