Fernando Torres is a £60million target for Chelsea.
There is a growing belief among Europe's richest and most powerful clubs that a season of Liverpool failure will force Torres - and his advisers - to review the player's career.
Torres has publicly insisted he is committed to the Anfield cause and does not want to create any issues that could destabilise Rafa Benitez's managerial authority.
But the Liverpool hierarchy is aware that if their struggling team fails to qualify for the Champions League, hanging on to Torres could become a major issue.
And Torres will quickly be made aware of alternatives homes where he can play at the highest level of the club game.
Chelsea manager Carlo Ancelotti is a huge admirer of Torres and the 25 -year-old Spaniard is the man the Blues boss wants to bolster his strike force.
Ancelotti has been repeatedly linked with a £45m move for Atletico Madrid's 21-year-old Argentine Sergio Aguero.
But the Italian boss stressed after the 3-3 draw with Everton eight days ago that "100 per cent" he will not be involved in any player recruitment during the January transfer window.
Unless he's forced into a strategic review, that suggests Ancelotti will seek to strengthen his squad next summer - and Torres will be at the top of his wanted list.
Last summer Benitez rejected an approach from Manchester City before the cash-rich Eastlands club could get a £50m offer off the ground.
Benitez has acknowledged: "Fernando is one of the best strikers in the game and, at his age, can only get better.
"Every major side would want him in their team."
Chelsea accept their much derided attempt to break even by 2010 has now been put on the back burner. Any attempt to lure Torres to Stamford Bridge will force owner Roman Abramovich into the kind of investment he was committed to around five years ago.
Any bid for Torres will shatter the Chelsea club record of £32m paid to AC Milan for Andrey Schevchenko.
Despite the stuttering form displayed by his team Torres has emerged as an Anfield hero in the 29 months since his £26.5m recruitment from Atletico Madrid.
Boss Benitez has worked on finding the best attacking set-up to bring the best out of his master marksman. The likes of Robbie Keane and Fernando Morientes were tried and discarded while Dirk Kuyt has ended up operating as a wide attacker.
In effect, Liverpool's most effective strike force comes when skipper Steven Gerrard operates in a withdrawn role behind Torres.
The acclaimed duo has immense professional respect for each other. In troubled times they have been the players who have consistently met the exacting standards expected at the club.
The potential loss of Torres would spark a massive outcry on Merseyside. The striker signed a new contract worth £5.5m a-year in May.
He still had four years remaining on the contract he signed on his arrival from Atletico but Liverpool felt the new, extended deal reflected the player's status as "one of the world's top strikers."
The current agreement runs to 2013 with an option for the deal to be extended to 2014.
One obstacle to Chelsea's chances is the ongoing Gael Kakuta affair.
Chelsea have appealed against a two-transfer-window ban imposed after they were found guilty of enticing the youngster to break his contract with FC Lens.
There is a growing belief among Europe's richest and most powerful clubs that a season of Liverpool failure will force Torres - and his advisers - to review the player's career.
Torres has publicly insisted he is committed to the Anfield cause and does not want to create any issues that could destabilise Rafa Benitez's managerial authority.
But the Liverpool hierarchy is aware that if their struggling team fails to qualify for the Champions League, hanging on to Torres could become a major issue.
And Torres will quickly be made aware of alternatives homes where he can play at the highest level of the club game.
Chelsea manager Carlo Ancelotti is a huge admirer of Torres and the 25 -year-old Spaniard is the man the Blues boss wants to bolster his strike force.
Ancelotti has been repeatedly linked with a £45m move for Atletico Madrid's 21-year-old Argentine Sergio Aguero.
But the Italian boss stressed after the 3-3 draw with Everton eight days ago that "100 per cent" he will not be involved in any player recruitment during the January transfer window.
Unless he's forced into a strategic review, that suggests Ancelotti will seek to strengthen his squad next summer - and Torres will be at the top of his wanted list.
Last summer Benitez rejected an approach from Manchester City before the cash-rich Eastlands club could get a £50m offer off the ground.
Benitez has acknowledged: "Fernando is one of the best strikers in the game and, at his age, can only get better.
"Every major side would want him in their team."
Chelsea accept their much derided attempt to break even by 2010 has now been put on the back burner. Any attempt to lure Torres to Stamford Bridge will force owner Roman Abramovich into the kind of investment he was committed to around five years ago.
Any bid for Torres will shatter the Chelsea club record of £32m paid to AC Milan for Andrey Schevchenko.
Despite the stuttering form displayed by his team Torres has emerged as an Anfield hero in the 29 months since his £26.5m recruitment from Atletico Madrid.
Boss Benitez has worked on finding the best attacking set-up to bring the best out of his master marksman. The likes of Robbie Keane and Fernando Morientes were tried and discarded while Dirk Kuyt has ended up operating as a wide attacker.
In effect, Liverpool's most effective strike force comes when skipper Steven Gerrard operates in a withdrawn role behind Torres.
The acclaimed duo has immense professional respect for each other. In troubled times they have been the players who have consistently met the exacting standards expected at the club.
The potential loss of Torres would spark a massive outcry on Merseyside. The striker signed a new contract worth £5.5m a-year in May.
He still had four years remaining on the contract he signed on his arrival from Atletico but Liverpool felt the new, extended deal reflected the player's status as "one of the world's top strikers."
The current agreement runs to 2013 with an option for the deal to be extended to 2014.
One obstacle to Chelsea's chances is the ongoing Gael Kakuta affair.
Chelsea have appealed against a two-transfer-window ban imposed after they were found guilty of enticing the youngster to break his contract with FC Lens.
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