Chelsea's umbrella company have set their sights on Portuguese giants Sporting CP.
BlueCo took control of Ligue 1 club Strasbourg at the end of last season in their first move to build a multi-club network with Chelsea at it's head.
Now the Telegraph says BlueCo have made contact with Sporting CP.
BlueCo are keen to take a minority stake in the Lisbon giants. However, there's doubts over whether Sporting's board would entertain such a prospect.
Chelsea are eyeing Sporting given their reputation for youth development, with the likes of Cristiano Ronaldo coming through their system.