Local journalist Lucas Musetti Perazolli is reporting talks began in July, when some members of BlueCo, including Behdad Eghbali, met with the Brazilian club's president.
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Discussions are still in their early stages, but Eghbali and Todd Boehly have previously demonstrated they have no major issues making an investment when necessary.
Santos is renowned for producing top talent and this aligns perfectly with Chelsea's recruitment strategy. The Blues have already signed Estevao Willian from Palmeiras and are likely to view Santos as a potential hub for discovering other emerging stars.
Pele, Neymar and Rodrygo Goes are among Brazilian stars to be produced by the Santos youth system.