Chelsea owner Roman Abramovich is preparing a £50 million bid for Liverpool striker Fernando Torres. And The Sun says Abramovich has told Carlo Ancelotti he will have up to TWICE that amount to overhaul the squad.

Red Rom has put his faith in the Italian and will back that up with a monster transfer kitty. Several players will also leave.

Ancelotti is hopeful of signing at least two big names, with Torres top of his hit-list closely followed by Atletico Madrid striker Sergio Aguero.

Manchester City are also preparing a bid. Yet if they fail to qualify for the Champions League and Liverpool do likewise, the Londoners will be favourites to sign Torres.