Chelsea are believed to have had a £22m bid turned down by Valencia for the services of Spanish international Juan Mata.
The Blues were reportedly looking to pay around £18m up front with a further 4m due based on appearances, but the offer was rejected immediately by the La Liga outfit.
Arsenal and Tottenham have also been courting the winger's signature over the summer, although the Gunners boss Arsene Wenger recently seemed to indicate that they were out of the running.
His Chelsea counterpart Andre Villas-Boas is a big admirer of the 24-year-old and the Daily Mail claim he would receive a wage increase if he oined the Stamford Bridge club.
Villas-Boas is unlikely to take the knock back lying down as he looks to add more width to his side before the close of this month's transfer deadline.