Reports suggest Chelsea have given up on their pursuit of signing midfield magician Luka Modric from Tottenham Hotspur, after spending half the summer trying to lure him to Stamford Bridge.

Though Modric is not averse to a move, he has been told by his club chairman Daniel Levy that he will not be sold at any price. Chelsea had a bid of £22 million for the 25-year-old laughed away, and though they're willing to up their price, Modric's refusal to hand in a transfer request could prevent any further move from the Blues.

Instead, footylatest.com has reported that Chelsea will turn their attention on Werder Bremen midfielder Marko Marin. £30 million should be enough to coax Bremen from selling the 22-year-old whose value shot up strikingly since they signed him for a meager £8 million back in 2009.

Elsewhere, Chelsea target Radamel Falcao is, reportedly, looking to sign an extension in his contract with Porto. Despite rumours suggesting he was to follow Andre Villas-Boas to Chelsea, and just a day after stating he would like to challenge himself in the Premier League, Falcao revealed he was in talks to sign a contract extension which will boost his current €30 million release clause.

We are negotiating my renewal with FC Porto. I have a release clause which is accessible to some clubs in Europe, but in this case we are planning to increase it, Falcao told AS. I am in a good moment and at a very organised institution. This is a high-level team, with excellent players, and that has allowed me to take an important step.

What could prove crucial for Chelsea in the upcoming season is how they deal with the latest serious injury to midfield powerhouse Michael Essien. The Ghanaian could be out for almost the whole the season after damaging his knee ligaments in Chelsea's first full pre-season training session.

Reports now suggest that Villas-Boas will seriously target Jao Moutinho, who was a key player during his time at Porto. He has a £35 million buy-out clause, but that shouldn't be a problem for Chelsea who are looking to spend big as they look to rebuild their aging squad.

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