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The Times are reporting that Chelsea have seen their initial bid for Inter Milan midfielder Fredy Guarin rejected, though they seem to believe that a slightly improved offer will be enough to seal a move. The bulk of the article sits behind a paywall, but indicates that the two sides are a mere £2 million apart in terms of having an agreement.
I have no idea how accurate this report is, but it's worth noting that The Times aren't usually as terrible in this regard as many other outlets. It wouldn't surprise me at all if this report is mostly accurate, and if so, it would seem unlikely that any move for Fredy Guarin will take very long to complete.
If the figures being reported in this report are accurate, the price Inter are asking for the Colombian seems quite reasonable to me. While there are certainly midfielders I'd prefer over Guarin, most will be cup tied, and none will be available for anything close to £15 million. This would be a nice bit of business, and would make the Blues a stronger squad for a very reasonable price.