Isco has fallen out of favour at Real Madrid and is ready to leave the club

Chelsea have leapt ahead of Premier League rivals in the race to sign him

Blues to make bid on Wednesday with hopes of agreeing £250,000-a-week deal

Chelsea have moved to beat Arsenal and Manchester City in the race to sign Real Madrid playmaker Isco during the January transfer window.

The Blues are set to make a £70m bid on Wednesday with hopes that a deal worth £250,000-a-week can be agreed quickly, according to The Sun.

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The four-and-a-half year contract will also include a large signing-on fee as part of the package.

Chelsea have moved to beat Arsenal and Manchester City in the race to sign Isco

Maurizio Sarri is a big fan of the player and wants to pair him with star man Eden Hazard

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The Spaniard is reportedly ready to make the move to Stamford Bridge with Arsenal delaying on making an offer and Manchester City wanting to wait until the end of the season.

Maurizio Sarri, who has delegated negotiations to sporting director Marina Granovskaia, is a big fan of the player and wants to pair him with star man Eden Hazard.

It has been a difficult season for Isco who has fallen out of the starting XI since the appointment of Santiago Solari.

Isco has fallen out of favour at Madrid since the arrival of new manager Santiago Solari

The 26-year-old has not started a single one of the club's six La Liga games since Solari replaced Julen Lopetegui at the end of October.

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He was booed by Madrid supporters during last week's Champions League defeat to CSKA Moscow and there are a number of concerns over his fitness.

Both the new manager and president Florentino Perez in agreement to sell at the right price.