Robinho was reported to have expressed an interest in joining Chelsea, but was quoted by Spanish newspaper Marca insisting he would like to remain with the Spanish champions. Further reports have now emerged claiming he has agreed a new five-year contract to remain at the Bernabeu until 2013.

But Chelsea chief executive Peter Kenyon said: "We have confirmed we are interested in Robinho and have had some conversations with the club. That is ongoing and as the coach has said, he is a player we have identified as a talent."

He added: "The speculation surrounding Chelsea in any transfer window is enormous.

"If we could get him it would add to what we have got, but if it doesn't happen, the objectives of Chelsea are not going to change."

Blues coach Luiz Felipe Scolari was quick to praise the 24-year-old but also conceded speculation surrounding Chelsea would continue until the transfer deadline on August 31.

"Robinho is a great player, he plays for one of the best teams in the world and also Brazil," said the 59-year-old, who guided the South Americans to World Cup glory in 2002.

"But at the moment it is not more than speculation. It is the time of the year for speculation, it is the time for agents to put one player here and then there."

The former Portugal coach again refused to be drawn by comments from Manchester United counterpart Sir Alex Ferguson that Chelsea will not mount a title challenge due to the age of the Blues squad.

"We are diversified - we have young players and mature players," he added. "I strongly believe we can produce what is required this season."