Turkish billionaire Muhsin Bayrak has claimed that he is closing in on a cut-price takeover of Chelsea.

Roman Abramovich shocked English football when he announced last week that he had put Chelsea up for sale amidst pressure building after Russia's invasion of Ukraine.

Bayrak, who is the chairman of Istanbul-based investment company AB Group Holdings, came out last week stating he was interested in buying the west London outfit.

Reported by Sports Witness, Bayrak told Turkish broadcaster Oda TV that he is making progress in the negotiations.

He said: "We have reached a certain stage. Our law and finance department will start talks with theirs in London on Thursday.

"That's the way it is at this point. On Thursday, we will notify the Public Disclosure Platform (KAP).

"People are talking about it, we made some progress in the talks, and the world believes we have a 90% chance of completing the deal. Abramovich thinks the same."

Abramovich has put up an asking price of £3billion for the club that he bought back in 2003.

Asked if British reports that he had made a £2.5bn offer for the club, Bayrak replied: "I won't tell you. We need to manage this process very well, or we will lose.

"There are countries in the world that don't want Turkey to buy it. Let's keep this a little secret. Let's get the consent by Thursday.

"We didn't give that price (£2.5bn) to the British press. Our offer is under that, I'll at least say that."