Sporting CP president Frederico Varandas insists Chelsea could yet sign Manuel Ugarte.

The Blues pulled out of the running last week after PSG offered a superior contract proposal a fortnight ago.

However, Varandas insists nothing is yet settled: “He's a great player, but he is not of PSG, he is of Sporting.

"Ugarte has a 95 per cent chance of leaving for two big European clubs. One is and as he said, PSG. Two clubs beat the amount of the clause."

Both Sporting and Chelsea are said to have met Ugarte's buyout clause.