Chelsea are preparing a bid of £70m for Real Madrid midfielder Isco, according to the Sun.

The Blues are hoping to tie up a deal quickly to head off competition from Manchester City and Arsenal for the 26-year-old.

A four and a half year contract, worth £250,000 a week, is being prepared for Isco with Chelsea hoping that terms can be agreed quickly ahead of a January switch.

The Spanish international is not part of Real Madrid manager’s Santiago Solari first-team plans at the Bernabeu. Since taking over from Julen Lopetegui in October, the Argentine boss has not picked him to start a single league game. In fact, his only starts have come in cup competitions.

Isco captained Madrid in the 6-1 Copa Del Rey win over UD Melilla earlier this month, scoring two goals in the process. However, he also played the full 90 minutes in the abject 3-0 home defeat to CSKA Moscow in the Champions League last week.