Premiership clubs are chasing Racing Santander midfielder Sergio Canales.

The Daily Mail says Chelsea are chasing Spain's latest young superstar Canales and hope to have a deal in place before the end of the month.

The 18-year-old attacking midfielder from Racing Santander has shot to prominence in recent weeks with four goals in his last three games, including two in the club's surprise 2-1 win over Sevilla on Saturday.

He is out of contract in the summer but has a clause which automatically gives him a one-year extension should he play 450 minutes of football.

Canales's father and agent Angel would prefer him to stay in Spain but there is a complication because another La Liga club, Deportivo La Coruna, own 50 per cent of his rights from a deal between the clubs in 2006 and they want to cash in.

Real Madrid, Barcelona, Arsenal and Manchester City have all shown interest but Chelsea are at the fore should they get the go-ahead to trade.