The News of the World says Blues boss Avram Grant is willing to let Roman Abramovich's favourite player quit Stamford Bridge for a mere £12m.

The club signed him for £30m in May 2006. Shevchenko looks sure to return to Italy, most likely with Inter Milan. Juventus are also monitoring the situation.

Shevchenko would take a pay cut on his £140,000-a-week wages to help secure a move back to Serie A.