Manchester City have reportedly joined the race to sign Atletico Madrid forward Sergio Aguero thus potentially scuppering Chelsea's hopes of luring the Argentine to Stamford Bridge in the New Year.

Blues boss Carlo Ancelotti has long been an admirer of "Kun", who netted a stunning brace against the Premier League leaders in an entertaining 2-2 draw at the Vicente Calderon in their UEFA Champions League clash.

It has been widely reported that Chelsea are ready to launch a January raid for the 21 year-old striker after the Court of Arbitration for Sport suspended FIFA-imposed transfer embargo until the club's appeal hearing is heard.

However, respected Madrid based sports journal AS are claiming that City are set to enter the fray with a stunning £53million bid for the 2007 FIFA Young Player of the Year.

With the future of Brazlian superstar Robinho still shrouded in doubt as Barcelona continue to lurk in the shadows menacingly, City boss Mark Hughes may see Aguero as his perfect replacement at Eastlands.

Aguero has already reiterated his desire to move to arguably Europe's finest league and has made it clear he sees his long-term future away from Los Colchoneros, who secured only their second win of the season on Sunday.

Atletico's No.10 was at his devastating best on the weekend as Atletico trounced Espanyol 4-0 with Aguero scoring twice and setting up two more as Quique Sanchez Flores' men moved out of the bottom three.