Chelsea refuse to meet Santos' asking price for Neymar.
The Daily Express says Brazil international Neymar, 19, is at the centre of a tug-of-war between Chelsea and Real Madrid, with rival managers Andre Villas-Boas and Jose Mourinho going head-to-head, intent on landing the most sought-after young player in the world.
Neymar scored one of the goals as Santos beat Penarol 2-1 in Sao Paolo on Wednesday to win the Copa Libertadores.
Immediately afterwards, his club were locked in talks with both European giants over their starlet's future.
Super agent Pini Zahavi was in Brazil last night leading the Chelsea delegation. The Blues have already had a £30m bid turned down.
A source said: "Chelsea want Neymar very much, but they will not pay the £45m Santos want."
