Chelsea owner Todd Boehly is making £200m available for summer signings.
The Telegraph says Boehly has promised manager Thomas Tuchel six new players, with Champions League qualification the minimum target next season.
Among the main targets are Matthijs de Ligt (Juventus), Jules Kounde (Sevilla) and Raheem Sterling (Manchester City), with Jonathan Clauss (Lyon), Ousmane Dembele (Barcelona), Richarlison (Everton) and Gabriel Jesus (Manchester City) also mooted.
The report details that Tuchel has held transfer summits with the new owner as the Blues target success in the 2022-23 campaign.
A source told The Telegraph: "The key is to basically work with Tuchel to come up with the best players that are available. We really want to make sure we have a good defence.
"We've got depth in midfield. We're not desperate for an out-and-out striker.
"Fortunately, there's reasonable opportunities in the market right now in order to satisfy the fans' desire to be competitive. I think it's a combination of moves and there's five or six that we're going to look to make."