It would be an astounding deal for Chelsea if they pulled it off, with the Independent claiming Xabi Alonso is subject of a potential Real Madrid double deal with Jose Mourinho.
Alonso remains a genuine world class central midfielder, one who could add the guile to the Blues midfield alongside Ramires' brawn, with the pair certainly a strong combination on paper.
It's no wonder the Blues are interested in bringing him on board, with the report stating that Alonso has indicated to friends he wants one more spell abroad.
He spent one successful spell in the Premier League with Liverpool before being sold in 2010, but still holds an affinity with the Merseyside club, by who he is shown in high regard.
So he wouldn't ruin that legacy by signing for Chelsea, would he?
Alonso will look at how his former teammate Fernando Torres is now despised by Liverpool fans for walking out on them. What Torres did for Liverpool will always be respected, but the way he dumped them for Chelsea still rankles with supporters.
And then there is the treatment of Alonso's former manager, Rafa Benitez, by Chelsea fans who have failed to take to him - in part down to his Liverpool connections.
If Alonso did sign for Chelsea, his popularity with the Liverpool faithful will forever be tainted, and the midfielder will never recover the high regard on Merseyside in which he is currently held.
You suspect, the thought of that will be enough to hazard Alonso off a transfer to Chelsea, even for the temptation to carry on under Jose Mourinho if he signs, or for the increased chances of silverware.
He does have just one year remaining on his contract at Madrid, and is likely to wait to see who is appointed as the new manager before deciding his future. Could Rafa Benitez take over at the Bernabeu and convince him to say on?
Liverpool fans may be encouraged by Alonso's sentimental side, which has led him to decide on ending his career at the club he started, Real Sociedad.
The question is what comes in between now and then, Chelsea, Liverpool, or other?
What does the future hold for Alonso? Will his Liverpool past stop him signing for Chelsea?
image: © Jan S0l0