Following their epic night in Munich on Saturday, Chelsea continues to be the focus of transfer speculation as the club looks to take full advantage of their new status as champions of Europe.

The Daily Mirror reports on Tuesday that owner Roman Abramovich will sanction a spending spree in order to capitalize on Chelsea's Champions League success and make the Blues the dominant side in England and Europe.

And, according to the report, Chelsea's priority will be to secure in-demand Lille attacking midfielder Eden Hazard. Chelsea believes that they are in a strong position to land the 21-year-old, who is also reportedly being chased by Manchester rivals United and City, as well as Arsenal.

Hazard has said that Chelsea's European Cup win has made a big impression on him, while The Times reports that Manchester City is stalling over Hazard's high wage demands.

The big news for Chelsea on Tuesday was the confirmation that the hero of the club's victory over Bayern Munich, Didier Drogba, would be leaving the club at the culmination of his contract this summer. The decision means that it is all but certain that the Blues will be looking to add a big-name striker to replace the Ivorian for next season.

Currently top of that list is Radamel Falcao, according to the Daily Mail. The Atletico Madrid frontman has enjoyed an outstanding debut season in La Liga, scoring 24 goals and adding nine more as he claimed his second successive Europa League.

Despite his value to the team, having missed out on Champions League qualification, Atletico are said to be willing to do business for a fee of around £50 million.

Chelsea continues to hold an interest in reuniting the Colombian with his former Porto teammate Hulk. The Brazilian could fill a vacancy on the right of Chelsea's attack and has proved lethal with his thunderous left foot over the past two seasons.

According to the Mirror, the 25-year-old's agent was in Munich for the Champions League final, sparking renewed speculation that Chelsea are closing in on a deal, with Porto said to be lowering their demands.

The Blues are also said to be locked in negotiations for electric Brazilian youngster Lucas Moura, according to the Times. The Sao Paulo attacking midfielder has been admired at Stamford Bridge for some time, although Manchester United and Inter are also known to be interested.

But the Brazilian club's president Juvenal Juvenciao has said that Chelsea has already tabled an offer of £32.3 million for Lucas and remains his likeliest destination.

[We did not accept it] but obviously, at the moment, Chelsea are the closest team to Lucas, he said, according to Goal.com.

Inter made an offer of €25m (£20.2m), but this was not considered sufficient by us. Real Madrid is one of these [interested clubs]--there have been contacts with the president Florentino Perez, who admires the player.

Lucas is a big player who will triumph in Europe, but Sao Paulo will only sell him for an enormous offer.

Chelsea could also be set to lock horns with Manchester United and Real Madrid over the signing of Luka Modric. The playmaker will once again demand a move away this summer following Tottenham's failure to qualify for the Champions League, according to the Telegraph.

Spurs rejected a £40 million offer from Chelsea last summer, but chairman Daniel Levy is said to be willing to listen to offers of £50 million this time around. A fee that no club is likely to approach. But Tottenham would surely be open to doing a deal for less rather than risk Modric's discontent disrupting the club's start to a second-straight campaign.