Hamburg are eyeing Chelsea midfielder Lesley Ugochukwu.
The youngster spent last season on-loan with Southampton and Chelsea are prepared to sell for the right price.
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BBC Sport says Carlos Corberan's Valencia are also interested in Ugochukwu this summer market.
Chelsea are open to another loan, but would prefer an outright sale given their Financial Fair Play concerns with UEFA.
The defensive midfielder joined Chelsea from Stade Rennes in 2023 for €27m.