Chelsea ready to splash £50m on Aguerro in January

Chelsea are closing in on a deal for Sergio Aguero from Atletico Madrid which could be worth £50million – and make the Argentina striker the highest-paid player in the Barclays Premier League.

Aguero’s pay demands mean he is likely to earn more than Manchester City’s Emmanuel Adebayor, who is believed to be on a £170,000-a-week deal at Eastlands.

Blues boss Carlo Ancelotti is set to launch a spending spree in the January transfer window after the Court of Arbitration for Sport suspended the club’s controversial transfer ban imposed by FIFA.

Chelsea were suspended from signing players for two transfer windows in September after being found guilty of inducing Gael Kakuta – then a 15-year-old with Lens – to break his contract with the French club two years ago.

Ancelotti has been tracking Aguero for some time but was understood to be put off initially by Atletico’s astronomical price tag.

The Italian coach was also concerned by the player’s lack of maturity at just 21, while at one stage Chelsea were also not prepared to meet his excessive wage demands.

The club have already had a £31m bid for Aguero turned down last summer but are now prepared to increase their offer.

The Argentina forward has a £53m buy-out clause in his contract but Chelsea believe they can land Aguero for less as he would be ineligible to play for them in the Champions League.