Chelsea are in talks with Reece James over a bumper new five-year contract amid interest from Manchester City and Real Madrid, according to reports.
The 22-year-old has become a key member of Thomas Tuchel's Chelsea side, but is one ow the lowest paid players in the side.
James's current contract runs until 2025 which sees him currently earn in the region of £70,000-a-week.
Following the takeover of the club, there has been no urgency on Chelsea's side to enter talks due to resolving off-the-field issues, including the appointment of the board as well as finalising the high-profile loan exit of Romelu Lukaku.
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Todd Boehly, co-controlling owner, has been settling in to life at Stamford Bridge and has already held talks with Tuchel over his squad and what he needs for the 2022/23 season to mount a Premier League title challenge.
James has attracted interest from both Manchester City and Real Madrid.
Pep Guardiola's side eye the England international as a long-term replacement for Kyle Walker, while Carlo Ancelotti's Los Blancos are keen admirers.
Now CaughtOffside are reporting that talks are now underway and Chelsea are working on an extension for James.
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It is claimed discussions are taking place over a new five-year deal which will see him earn a significant wage increase.
Boehly views James as a 'vital' player for Chelsea and it is expected that the right-back will pen a new deal to extend his stay in the capital.
James has played at right-back, wing-back and centre-back for Chelsea. In the long run, where he will play for the Blues under Tuchel is still open for discussion with the head coach knowing his versatility is a useful asset, but his position can't be defined until they know the structure of the opposition.
He said at the end of last season: "For this can sometimes be helpful for Reece to play in back three and be the first guy to recover in transition and not be involved in attack to have his speed and physicality and protection of counter-attacks. These are the thoughts.
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"It is 55 percent towards wing-back, 45 percent towards back three.
"It depends how the opponent plays against us, do we expect a lot of possession, how is their structure for offensive transition.
"I am leaning more into that his very best position is wing-back where he is maybe more decisive, useful. It is more demanding. "His next step is to be a regular, 50-55 matches player.
"From there we have to decide. Both positions are filled with top quality with him.”
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Chelsea are also looking to extend the contract of Mason Mount, another priority, while the futures of N'Golo Kante and Jorginho are likely to be sorted out this summer.
Featured Image Credit: AlamyTopics: Reece James, Chelsea, Chelsea Transfer News & Rumours, Premier League, Manchester City, Real Madrid, Football