Chelsea have been interested in the 21-year-old since the summer of 2024 having agreed a £35 million deal with then club Atletico Madrid.
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Aghehowa ultimately failed his medical with the West London club and went on to sign for Portuguese giants Porto.
He has since established himself as one of the most prolific young strikers in Europe, scoring 36 goals in his 56 games across all competitions since joining Porto.
Now, according to a report from Correio da Manha, Chelsea will return for the Spaniard but will face competition from rivals Tottenham.
It’s understood that club president Villas Boas, who managed both Chelsea and Spurs, is willing to sanction a deal worth €80m.