Chelsea owner Roman Abramovich is prepared to offer £42 million for Atletico Madrid ace Sergio Aguero.

The Sun Abramovich wants to give new boss Carlo Ancelotti a big-name signing.

Yet they face a race to seal the deal for the Argentine striker as the Spaniards play a Champions League qualifier against Panathinaikos on Wednesday.

Atletico are likely to turn down the offer and tell Chelsea they must match the £50m get-out clause for hot-shot Aguero, 21.

Chelsea's offer would eclipse Manchester City's £32.5m signing of Robinho as the British record.

Ancelotti said: "The market finishes on August 31 and if there is some possibility to improve the squad we can do it."