Chelsea have revived their interest in Rayan Cherki according to Fichajes as they prepare to compete with Real Madrid and several European heavyweights for the Manchester City playmaker.
The 23-year-old joined City from Lyon in June 2025 for around €36.5 million after Chelsea had previously explored a deal for the France international. That move ultimately failed to materialise, but Cherki’s continued development has ensured that the Blues have not lost sight of him. Now, with uncertainty surrounding Manchester City’s financial situation, Chelsea could see an opportunity to finally bring the talented attacker to Stamford Bridge.
Chelsea see Cherki as an ideal fit for Xabi Alonso
Chelsea’s renewed interest is understood to be driven in part by Xabi Alonso, who reportedly sees Cherki as a player capable of adding another creative dimension to his attacking setup. The Frenchman could operate alongside Cole Palmer, Morgan Rogers and Joao Pedro, giving Chelsea considerable flexibility between midfield and attack. Alonso is also believed to appreciate Cherki’s ability to play in a deeper creative role rather than being restricted to the final third.
Chelsea had already attempted to sign Cherki before his move to Manchester City in 2025. The proposed deal reportedly broke down after Lyon wanted Andrey Santos included in the agreement but Cherki subsequently moved to the Etihad and signed a contract running until June 2030.
Real Madrid are also monitoring Cherki
Chelsea’s pursuit will not be straightforward, with Real Madrid among the clubs keeping a close eye on the Frenchman. Paris Saint-Germain and Liverpool are also understood to be monitoring the situation, particularly given the uncertainty surrounding City’s future following their financial case.
Cherki’s current market valuation is around €90 million, meaning Chelsea would face a significant financial commitment if City decide to sell. However, any major sanctions against the Manchester club could alter the negotiating landscape and potentially make several of their high-profile players available.
Chelsea believe Cherki’s versatility could make him particularly valuable against Premier League sides that defend in deep blocks. His close control, passing range and ability to operate between the lines would give Alonso another player capable of breaking defensive structures. The Blues are therefore expected to keep monitoring developments before deciding whether to make a formal approach.
A €90 million valuation would represent a substantial investment in a player who is not guaranteed to be the focal point of Chelsea’s attack. There is also the small matter of competing with Real Madrid, PSG and Liverpool, clubs capable of offering Cherki enormous sporting appeal.
However, if Manchester City’s financial situation forces them to consider selling key assets, Chelsea should be aggressive. Cherki already wanted by several elite clubs could become one of the most intriguing opportunities of the market, and Alonso may see him as the missing creative piece in his Chelsea project.