Chelsea owner Roman Abramovich is ready to bankroll a major spending spree this summer.

The Daily Express says Abramovich has been energised by the stylish way in which Carlo Ancelotti captured the title and told him that he is ready to challenge big- spending Manchester City in the transfer market - even if it means paying £70million for Liverpool's Fernando Torres.

The unsettled Torres is high on Chelsea's hit-list but, with City chasing him as well, the Blues are also looking at Bayern Munich's £50m star Franck Ribery, Atletico Madrid's £40m striker Sergio Aguero and Real Madrid ace Kaka.