Bruce Buck admits he does not know whether Chelsea will pursue their interest in Tottenham's Luka Modric, having had two bids rejected.
New manager Andre Villas-Boas is in the market for a midfielder but having had their latest offer, reported to be worth £27million, rebuffed doubts remain over whether the Stamford Bridge club will return with an improved one before the end of the transfer window.
"Most clubs don't want to talk about players they are interested in but the Modric situation became public," said Blues chairman Buck.
"We did make an offer, (Tottenham chairman) Daniel Levy has rejected that offer and I don't know if it will go any further, we will have to see.
"Andre didn't give us a shopping list but he did tell us where he thought we could improve.
"He did mention some players but it was not a case of 'I want this guy and I want that guy' because it is more than just selecting the players.
"It is whether the player is available, what the price is and every other dynamic that goes with it. But Andre is working very well with the board and directly with Roman (Abramovich) in terms of looking at the squad and trying to see whether there is anything that needs to be done."