Chelsea are exploring a move for Rayan Cherki as Manchester City's ongoing Premier League financial charges case casts a shadow over the club's near-term future, according to a report by Fichajes.

Cherki, 23, has been one of the standout performers under manager Enzo Maresca since joining Manchester City in 2025 for a fee understood to be under £40 million. He is now valued at over £80 million — a figure echoed by Transfermarkt's €90 million assessment — making any deal a significant outlay for prospective suitors.

Previous talks and a deal that collapsed

Chelsea's interest in Cherki is not new. The Blues previously pursued him during his time at Lyon, where he became the youngest-ever scorer in the club's history in January 2020, finding the net at the age of 16 years and 140 days.

Those earlier negotiations broke down when Lyon's management insisted on the inclusion of Andrey Santos as part of the agreement. Now, with Manchester City's future under scrutiny following their guilty verdict on more than 100 breaches of Premier League financial rules, Stamford Bridge's interest has reportedly been rekindled.

Manager Xabi Alonso is said to envision Cherki operating in a deeper midfield role — a position the France international was deployed in during the recent international break under new national team manager Zinedine Zidane.

A crowded field of admirers

Chelsea are far from alone in tracking the 23-year-old. Real Madrid, Paris Saint-Germain, and Liverpool are all reported to be monitoring Cherki's contract situation, though his deal does not expire until 2030, which means Manchester City retain full control for now.