Chelsea look set to be beaten in the race for two of their major transfer targets this summer by Real Madrid. The La Liga champions are reportedly closing in on deals to sign both Luka Modric and Brazilian right-back Maicon.

Tottenham playmaker Modric has long been trailed by Chelsea and was the subject of a £40 million offer from the Blues last summer. However, it appears that Spurs chairman Daniel Levy is firmly entrenched in his stance that the Croatian will not be sold to a Premier League rival.

That has put Real at the head of the queue and it has widely been reported that Modirc has already agreed personal terms with Los Blancos. Spanish publication Marca now claims that the two clubs are also honing in on the agreeing of a transfer fee of somewhere between €35 million and €40 million. The Sun reports that a deal will be wrapped up in the coming days.

Chelsea's long quest to sign an established right-back looks set to continue with reports in Italy from Sport Mediaset alleging that Real have sealed a deal for Inter's Maicon. The prospective transfer is said to be worth €8 million (£6.3m). It had been reported last week that Chelsea were in talks to bring the 30-year-old Brazilian international to Stamford Bridge.

Real tried to sign Maicon two years ago as boss Jose Mourinho sought a reunion with the man who played a part in the Milan giants' Champions League victory in 2010.

According to Metro, Chelsea have also pursued fellow-right backs Lukasz Piszczek of Borussia Dortmund, Ajax's Gregory van der Wiel, Lille's Mathieu Debuchy and Rafael da Silva of rivals Manchester United.

It would appear that there is still a fair amount of negotiating yet to be done before Chelsea fans can cheer the arrival of Brazilian starlet Oscar. Widespread speculation last week claimed that Chelsea had edged out fellow-suitors Tottenham by agreeing a £25 million fee for the 20-year-old attacking midfielder. However, Oscar's club, Internactional, have indicated that no price has been set and that it would take a huge offer to lure their young talent away.

I want the transfer of Oscar to be the biggest transfer deal ever in Brazilian football, president Giovanni Luigi said, according to the Press Association. And the Chelsea offer isn't that far from that. Last year, however, Tottenham made two offers for Leandro Damiao. We kept him and he was very important. Oscar's situation is similar.

If we get offers for Oscar that match our expectations, we'll negotiate. But they have to be of the value that mean significant resources for Internacional. But those values would be the biggest negotiation in Internacional's history.

There has also been a further update on Monday about Chelsea's reported pursuit of Arsenal's Theo Walcott. The England international has just 12 months left on his deal at the Emirates and Chelsea are said to be willing to take advantage of the situation should the Gunners decide to cash in.

According to the Daily Mail, certain members of Arsenal's hierarchy wish to do just that. Chelsea could face competition from Liverpool, though, should the 23-year-old winger become available. The Mail states that the Reds are preparing a £15 million offer.