Chelsea are reportedly lining up a sensational £30m swoop for Liverpool skipper Steven Gerrard in the summer.

According to The Daily Mirror, Chelsea coach Carlo Ancelotti has told close friends that Gerrard is his number one transfer target come the summer, and he is ready to dip into Chelsea’s vast pot of cash in an attempt to land Liverpool’s talismanic midfielder.

With the Court of Arbitration having temporarily suspended the Blues’ transfer ban, Ancelotti has been given the green light to spend accordingly and is desperate to strengthen in midfield.

The Reds are in massive debt and are struggling to secure a UEFA Champions League spot. In the event that they do fail to qualify, then the powers that be at Anfield would be forced to give strong consideration to such a bid.

Gerrard, now 29, famously turned down a move to Stamford Bridge during the summer of 2004 to remain with his boyhood club. However, with his side in the doldrums this season, ‘Stevie G’, who celebrated his 500th appearance during the Reds' goalless draw at Blackburn last weekend, may be tempted to jump ship in pursuit of a much coveted League winners medal.