The Blues are set to pay Villa more than £10m a year, as they search for a way to boost their forward options for the second half of the season.
Didier Drogba is away at the Africa Cup of Nations, Chelsea want to land Villa as they chase glory in both the Premier League and European Cup.
Chelsea target: David Villa
Chelsea owner Roman Abramovich, who earlier this week paid off the club's huge debts, is prepared to bankroll the deal.
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