The People says although the brilliant 21-yearold Argentinian played and scored against Panathinaikos in Atletico Madrid's Champions League qualifying win last week, Chelsea haven't been deterred in their chase for the South American youngster.
New boss Ancelotti views Aguero as the marquee player who can win Chelsea the title. Aguero has been tempted by a move to the Premier League but feels a loyalty to his Spanish club.
Atletico officials know, however, that they can't keep hold of him indefinitely - and they are tempted by the Chelsea cash.
If the Blues do manage to grab Aguero it will stun Manchester United boss Sir Alex Ferguson, who has privately indicated he'd happily spend a chunk of the £80million he collected from Real Madrid for Cristiano Ronaldo on the Argentine.