Chelsea are considering spending €100 million ($133 million) to sign Cristiano Ronaldo and Gonazalo Higuain to the squad this summer in an effort to overhaul the team.
Billionaire owner Roman Abramovich is alternatively considering spending €100 million ($92 million) for Napoli attackers Edinson Cavani and Ezequiel Lavezzi, the Daily Telegraph reported.
Plans are still in the early stages and no deal has been made yet.
Chelsea wants to refashion its forward line now that Didier Drogba, Salomon Kalou and Florent Malouda, and possibly Daniel Sturridge are all leaving in the summer, according to Businessweek.
Ronaldo has been on a scoring spree this season.
ESPN reports that Ronaldo scored 45 goals by himself, pushing Real to take Barcelona in a six point lead at the top of La Liga. Ronaldo made Spanish league history Saturday when he became the fastest player to reach 100 goals.
Ronaldo, 27 signed a six year deal with Real Madrid from Manchester United for a record £80 million ($127 million).
Higuain is valued less at €20 million ($26.5 million). Chelsea attempted to sign the striker two years ago but the bid fell through. Higuain is thought to be keen on leaving Real after falling behind Karim Benzema in the lineup.
Chelsea has struggled to get goals this season. Forwards Daniel Sturridge, Didier Drogba and Fernando Torres scored 26 goals between them.
Abramovich could possibly sweeten the deal by getting Real Madrid coach Jose Mourinho to transfer to Chelsea, figuring that Mourinho would be the one to convince the players to make the change to the Blues. Chances of getting Barcelona's Pep Guardiola to manage the team are slim.
Abramovich will refocus his attention on the Napoli duo if he can't get the Real players to make the switch.