Sources indicate that both Mike Maignan and Marc-Andre ter Stegen are viewed as rare market opportunities - proven, high-level performers who could immediately elevate Chelsea’s ambitions in both the Premier League and the Champions League.
Current indications suggest Maignan is the more likely option at this stage, but the fact that both he and Ter Stegen may be available at relatively reasonable fees aligns with a broader strategic shift underway at Stamford Bridge.
Chelsea earned a reputation as the "Billionaire Boys" under their current ownership, following a period of headline-grabbing investment. But this summer marks a shift in tone.
The club is increasingly focused on value and efficiency, and these potential deals reflect that new approach.
For a club that once paid over £100 million each for midfielders Enzo Fernandez and Moises Caicedo, and more than £70 million on Wesley Fofana, the signs of change are clear.
The recent signing of Liam Delap set the tone: a young striker with strong pedigree and Premier League experience, secured for £30 million.
It was viewed as a smart piece of business, and the club intends to continue in that vein by refusing to overpay elsewhere.
Their targets for this window include a goalkeeper, a centre-back, an attacking midfielder, and potentially another forward.
Ahead of the Club World Cup, Chelsea walked away from deals for Borussia Dortmund’s Jamie Gittens and AC Milan’s Maignan, but made it known they could return.
They are now back in talks with Dortmund over Gittens and are prepared to meet the £55 million valuation. However, they will make sure the structure of the deal payments suits them.
The Maignan situation is slightly different. Milan initially priced him at £20 million, but with only one year left on his contract, Chelsea refused to meet that figure. They still intend to return, but believe a deal closer to £10 million could eventually be agreed.
In the meantime, Barcelona's Ter Stegen has also emerged on their radar. He is seen as another potentially good-value option due to his need for an exit, following the club’s decision to bring in Espanyol’s Joan Garcia as their new first-choice goalkeeper.
The biggest hurdle with Ter Stegen is expected to be the personal terms he may demand in any move.
Another sign of Chelsea’s more measured approach came earlier this month with their proposal of a player-swap deal for Mohammed Kudus. Chelsea offered three squad members already well-detailed by West Ham scouts, but the Hammers insist on a cash deal.
All of this points to a more calculated Chelsea, operating with a clearer vision now that the bulk of the squad has been assembled. After spending over £1 billion since 2022, the focus has shifted.
The return to Champions League football has also helped stabilise the club and made Chelsea a more attractive proposition beyond financial incentives.
Chelsea are no longer operating with the same breakneck urgency that defined the early days of the Todd Boehly and Behdad Eghbali era, but there is still potential for a flurry of activity as the summer unfolds.
The goalkeeping situation remains one of the more intriguing areas of the squad. The Blues already have the likes of Robert Sanchez, Filip Jorgensen, Djordje Petrovic, Gabriel Slonina, and Mike Penders on the books.
But despite the depth, the position is viewed internally as a short-term weakness, and the club is actively exploring whether a more dependable, top-level solution can be secured in this window.
A move for either Maignan or Ter Stegen is not urgent. In fact, sources suggest any serious developments may not occur for several more weeks, as Chelsea monitor how the market evolves.
While the days of paying whatever it takes appear to be over, Chelsea still mean business.
