Chelsea have reportedly reignited their interest in Rayan Cherki, with the Manchester City attacker’s future now a talking point. According to Spanish outlet Fichajes, the Blues will face competition from Real Madrid and other major European clubs for the France international.

Why Chelsea Are Back in for Cherki

The 23-year-old arrived at the Etihad from Lyon in June 2025 for roughly €36.5 million, having previously been on Chelsea’s radar. That earlier pursuit stalled, but his progress since has kept him firmly on the west Londoners’ list.

Uncertainty around City’s financial situation may now offer Chelsea a fresh opening to land a player they have long admired.

Xabi Alonso Seen as the Driving Force

Head coach Xabi Alonso is reportedly a major admirer. He is said to view Cherki as a creative presence who could link midfield and attack, operating alongside Cole Palmer, Morgan Rogers and Joao Pedro.

The Frenchman’s comfort in deeper creative roles also appeals. Chelsea’s earlier attempt reportedly collapsed because Lyon wanted Andrey Santos included in the deal. Cherki then signed for City on a contract running to June 2030.

Real Madrid, PSG and Liverpool Also Watching

Chelsea will not have a free run. Real Madrid are monitoring the situation closely, while Paris Saint-Germain and Liverpool are also understood to be keeping tabs on developments.

Cherki is valued at around €90 million, a hefty outlay for any suitor. However, significant sanctions against City could change the negotiating picture and make several high-profile players available.

Our Take on Chelsea’s Cherki Interest

A €90 million fee is a considerable gamble for a player who would not be guaranteed to lead Chelsea’s attack. Going head to head with Madrid, PSG and Liverpool adds another layer of difficulty.

Even so, if City are forced into selling, Chelsea would be wise to move decisively. Cherki could prove the creative piece Alonso is searching for.