Chelsea latest: Luiz money to be spent on huge signing? Lampard released & more

All the latest transfer news from SW6 including how the £50m from Luiz sale could be spent on former Manchester United player or Tottenham Hotspur player.

The world record transfer fee for a defender could be smashed soon as BBC Sport are reporting that talks between Chelsea and Paris Saint German, over the transfer of David Luiz for £40m (some outlets even suggest a fee as high as £50m has been agreed) are at an "advanced" stage and the player is undergoing a medical in Brazil prior to the confirmation of a four-year contract with the Parc des Princes club.

Chelsea stand to make a hefty profit on the sale of Luiz, as the bought the Brazilian from Benfica for £21m in January, 2011. The £40m sum would emulate Thiago Silva's £36m switch from AC Milan to PSG two years ago, Rio Ferdinand's £33.1m transfer from Leeds United to Manchester United a dozen years ago and Marquinhos' £27m AS Roma exit.

The Luiz money will be invested wisely - back into the squad - and The Telegraph link three fantastic players.

Former Manchester United player Paul Pogba, who has flourished at Juventus, is one of the three, yet would command a sizeable fee; perhaps all of the £40m and then some change, while 22-year-old Spaniard Korge Resurreccion is also mentioned, as well as Tottenham Hotspur's out-of-favour box-to-box supremo Paulinho.

Leaving Stamford Bridge is a number of established first-teamers as goalkeepers Hilario and Mark Schwarzer, as well as trophy-magnet full back Ashley Cole and fan favourite midfielder Frank Lampard have all been included on the club's list of released players.

And finally, on HITC:Sport, Jose Mourinho was once again asked if he regretted calling Arsenal manager a specialist in failure. His answer? Well, first he scoffed and then he said this. Demba Ba also looked back on Arsenal's interest in him and interestingly explained why The Special One blocked the deal, yet allowed Juan Mata to join Manchester United six months later.

Register for CHELSEA team updates

Register for HITC Sport - Daily Dispatch