England and Arsenal left-back Ashley Cole is reportedly one of three summer targets for Premiership champions Chelsea.

Chelsea manager Jose Mourinho has stated that three players will be leaving Stamford Bridge in the summer, with three players coming in to the club.

Summer is expected to see the arrival of Germany captain Michael Ballack to Chelsea, with Ukraine striker Andrei Shevchenko also looking to be heading to Stamford Bridge after the World Cup Finals, meaning that the Premiership champions would have obtained two-thirds of Chelsea's main transfer targets.

Reportedly, the third player on the wish-list is Arsenal left-back Ashley Cole, who is also supposed to be a Real Madrid target.

Chelsea, with the boundless funds of billionaire owner Roman Abramovich, can match any deal from elsewhere for the talented left-back, whose transfer could be triggered by a club offering the £16m (€22.5) to activate a release clause in the contract he agreed with Arsenal following last season's much publicised tapping-up scandal.

It had been thought that Cole would move to Real Madrid if he left Arsenal, but Real may have chosen to opt for Valencia's out of contract Brazilian wing-back Fabio Aurelio.

Aurelio has now jumped to the top of Real Madrid’s shortlist of potential left-back signings ahead of Cole and Eric Abidal of French champions Lyon.

Aurelio’s agent Juan Figer was reported to have travelled to Madrid yesterday for further contract talks with Real officials.

Chelsea are certainly very much in the running to sign Cole, although sources admit they are less sure he will sign for them than Ballack or Shevchenko, but Chelsea are scouting four other left-backs including Bayern Munich's Philipp Lahm.

Both Jose Mourinho, and the Chelsea chief executive, Peter Kenyon, have reiterated the line that Chelsea will sign three players and allow three to leave this summer - as they said they would in last year's transfer window, so who will be leaving?

France defender William Gallas has already stated his desire to leave and is being targeted by Juventus, but Chelsea still hope to persuade him to stay.

Another player expected to depart is the Iceland striker Eidur Gudjohnsen who has made very few first-team appearances this season and his chances of making the first-team will be further reduced with the expected arrival of Shevchenko and Ballack.

Chelsea are also considering bids for the England and Tottenham Hotpur pairing of Jermain Defoe and Ledley King.

Defoe, who is wanted to vary Chelsea's striking options, is thought to be available for £15m - £5m more than they want to pay - while King's contract talks at Spurs are being closely monitored. His, and his club's resolve, may be severely tested by Mourinho.

Chelsea may tempt Spurs by trying to strike a deal involving England defenders Wayne Bridge and Glen Johnson, who also want to leave, while Gudjohnsen could be used in a joint deal along with Carlton Cole.

In exchange, Spurs may want either Dutch winger Arjen Robben or Ireland’s Damien Duff but neither would be too keen on a move to White Hart Lane.

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