Valencia's João Cancelo is dubbed the new Philipp Lahm
The Blues recently joined London and title rivals Spurs in the race for the Valencia star.
Antonio Conte identified the Portugal international as a player to offer competition for Victor Moses at right-wing back.
But Tottenham have also been looking to replace Kyle Walker following his £50million switch to Manchester City.
However, according to the Mirror, Spurs are not prepared to invest half that fee in buying Cancelo.
It is said Spurs chairman Daniel Levy is unwilling to meet the 23-year-old's £25m asking price.
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Valencia ace Joao Cancelo could join Chelsea with Spurs not willing to pay £25m
Conte's side entered the bidding for Cancelo earlier this week
As a result, Chelsea are set to gazump their interest.
The Mirror add Conte's side entered the bidding for Cancelo earlier this week.
Chelsea have been scouting the defender extensively for some time at club and international level.
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Antonio Conte has said that Chelsea are trying their best to bring in new players
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