Chelsea are in talks to buy a stake in Strasbourg.
Blues owner Todd Boehly is keen to build a multi-club network, with Strasbourg their first target.
Strasbourg holds 11 shareholders and talks are underway with Chelsea, says the Guardian.
Chelsea were initially seeking to buy the club outright, but have since reassessed their plans.
The Blues also in talks to buy a stake in Portuguese club Portimonense.