Chelsea have tabled a major bid for Atletico Madrid star Sergio Aguero. The Telegraph says Chelsea are understood to have bid £30 million for Agüero. Although it is a substantial offer, it is puzzling given the indications in November that they would offer £40 million.

It is another clear indication of the firm policy that owner Roman Abramovich has demanded when it comes to transfers.

The policy is a product of Abramovich's insistence that he will not pay over the odds for players and, more significantly, neither will he be held hostage by agents demanding extortionate fees.

Agüero's representatives, IMG and their head of football Bruno Satin, have been demanding £5 million - which Chelsea are saying is unreasonable.