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Liverpool FC striker Luis Suarez is wanted by Chelsea.

Chelsea boss Jose Mourinho is readying a stunning bid for Liverpool striker Luis Suarez if the Blues fail to land first choice target Wayne Rooney.

Having watched Arsenal fail with a bid in excess of £40m Chelsea are ready to step-up their interest in the 26 year old and would apparently have no qualms meeting Liverpool’s £50m valuation.

Chelsea are also more than able to meet the Anfield marksman’s £150k a week wage demands, which are some way below the £250k a week they’d have to fork out to cover Wayne Rooney’s salary expectations.

Meanwhile in related news, Arsenal will have to pay £55million if they still want Luis Suarez, after the striker dropped his pursuit of arbitration as a means of leaving for less.

The Gunners' boss Arsene Wenger had indicated he was ready to dig in and wait to see the outcome of a contract dispute between the striker and Liverpool, after submitting a bid of £40m plus one pound - which was supposed to trigger a release clause.

Yet, in fresh talks early this week with his club, Suarez has finally conceded he will not approach the Premier League to arbitrate - because the contract clearly states the Anfield giants have no obligation to sell him at any price.

In other Liverpool transfer news, Brendan Rodgers has performed a U-turn and revived interest in a £13m move for Schalke defender Kryiakos Papadopoulos

The 21-year-old Greece international has been out with a knee ligament injury and Liverpool feared he would not be fit for the start of the season. However, they are willing to conclude a deal if he passes a rigorous medical.

Finally, Liverpool are expected to sign left-back Lorenzo Melgarejo by the weekend as Brendan Rodgers continues his hunt for another left-back.

A deal has been agreed to sign the 22-year-old in principle, and now the final details over a season-long loan move are being thrashed out.

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"You've done well to ignore all the Suarez fuss" - Rodgers tells players