Chelsea set to reject cheeky Atletico Madrid bid for Conor Gallagher as Champions League giants enter transfer race

CHELSEA are set to reject a cheeky bid by Atletico Madrid for Conor Gallagher.

The Spanish giants have expressed an interest in the England midfielder, who is currently on international duty at Euro 2024.

But the La Liga side are struggling to get anywhere near the £50million valuation placed on the academy graduate.

Gallagher, 24, has just one year left on his contract and Chelsea are willing to listen to offers for one of their most senior players.

Sources in Spain claim Atletico, who finished fourth in La Liga last season, may go for a loan bid but that too is likely to fail.

Chelsea are only interested in permanent offers as they look to balance their books during the summer transfer window.

Tottenham, Aston Villa, Newcastle, West Ham and Everton have all been linked with moves for Gallagher in the past.

The player is fully aware of his value with only 12 months to go until he can leave Chelsea for free under the Bosman ruling.

He was made captain several times last season under now-departed boss Mauricio Pochettino.

And new Chelsea chief Enzo Maresca is well aware that interest in Gallagher is spiralling.

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It’s understood Maresca rates one of his title-winning Leicester squad as an ideal replacement.

Uncapped Englishman Kiernan Dewsbury-Hall, 25, was the Foxes’ star man as they won an instant return to the top flight.

Liverpool also monitored him last season but Leicester are prepared to stand firm on their £40m valuation.

The Foxes reportedly believe they have no need to sell players this summer.