Jose Mourinho has been warned by Chelsea he cannot go spend crazy this summer.

The London Evening Standard says the 50-year-old is finalising a list of transfer targets following initial discussions with owner Roman Abramovich and his advisers as he looks to restore the Blues to former glories after signing a four-year contract yesterday.

But the Portuguese has been told that while there will be money to spend this summer, the club are mindful of complying with new financial regulations adopted by both the Premier League and UEFA.

Mourinho will not have to balance the books necessarily but the club are adamant there will be no repeat of the splurge witnessed during his first close season in 2004. Including deals for Petr Cech and Arjen Robben negotiated by his then predecessor Claudio Ranieri, Mourinho spent nearly £90million on seven players during his first summer in charge.