€150m star lined up by Chelsea in case they lose Cole Palmer to Manchester City

Chelsea could reportedly launch a surprise transfer move for Real Madrid midfielder Jude Bellingham to replace Cole Palmer.

The England international is emerging as an ambitious target for the Blues amid some fear that their former manager Enzo Maresca could try to sign Palmer if he replaces Pep Guardiola as Manchester City manager.

That’s according to Fichajes, though they also state that Bellingham is not interested in leaving Real Madrid, so it could be that this deal is unlikely.

It’s also worth noting that Palmer has a contract until 2033 at Stamford Bridge, so Chelsea are surely not under any pressure to sell the 23-year-old for anything other than crazy money.

Could Cole Palmer return to Manchester City under Enzo Maresca?

Palmer started his career at Man City and it’s easy to imagine Maresca might want to work with him again at some point in the future.

See below as David Ornstein has been among the journalists to claim Maresca has held talks with City amid some uncertainty over Guardiola remaining at the Etihad Stadium beyond this season…

? EXCL: Enzo Maresca informed Chelsea (twice in late Oct & again mid-Dec after post-Everton comments) he was talking to people associated with Man City about #MCFC manager position if/when vacancy arises. #CFC contract obliged 45yo to do so @TheAthleticFC https://t.co/ZiqfEhRlsO

— David Ornstein (@David_Ornstein) January 1, 2026

Maresca recently left Chelsea and it will be interesting to see if he does indeed end up making the move to City in the summer, and if that could then lead to the club going all out to bring Palmer back.

Those are a lot of ifs, though, so CFC probably don’t need to panic right now, and in any case it looks hugely ambitious to try to sign Bellingham.

Jude Bellingham transfer looks unlikely

Fichajes suggest Bellingham is not open to leaving the Bernabeu, and it’s also hard to imagine Real would be that keen to let him go either.

The 22-year-old has shone during his time in the Spanish capital, and he might have some doubts about Chelsea’s project as they’ve been in and out of the top four under their current ownership.

Chelsea would also probably struggle to afford Bellingham, with another recent Fichajes report linking him with Manchester United for as much as €150m.

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