Arsenal have been linked with a move for Malaga start let Isco, with a fee of £30m being talked of.
The Gunners have already done business with the La Liga club this season, bringing Santi Cazorla to the Emirates Stadium, and the 20-year-old Isco, also an attacking midfielder, would require a fee rarely spent by the London club.
Chelsea have completed the deal to sign Demba Ba from Newcastle for £7m, following a prolonged medical.
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Chelsea look set to complete a January transfer deal for Fluminese right-back Wallace, reports the Daily Mail.
The 18-year-old Brazilian confirmed his move while talking with Fox Sports Brasil: ‘I used to follow the Spanish league and its big clubs like Real Madrid but now as I’m moving to Chelsea I’m following the club more closely, especially after the Champions League title.
‘I watch Chelsea games whenever I can, sometimes I can’t watch because I’m playing or concentrated with my team, but I don’t miss a chance to see them playing on TV.’
The Blues currently have Spaniard Cesar Azpilicueta in that position, along with Branislav Ivanovic, yet the report suggests the £5m move could be with an eye on the future.
Wallace would join up with fellow Brazilians David Luiz, Lucas Piazon, Oscar, and Ramires at Stamford Bridge.
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