Chelsea are ready to spend big to sign Real Madrid defender Pepe.
The People says Real are sweating over defender Pepe's future and fear agents are already negotiating a summer move to Chelsea.
The Portugal centre-half has rejected a new deal worth around £3million a year. He wants double that.
Real sources say they "fear interest from other clubs", which is understood to include Chelsea.
Real have slapped a £40m price-tag on the player, who is also wanted by Barcelona and Inter Milan.
