Chelsea will compete with Manchester City for Valencia star David Villa in the summer.
The Spanish club's chief executive Javier Gomez has revealed they are battling a severe cash crisis, with around £400million owed to the banks.
Asked about selling Villa - the top scorer at Euro 2008 - Gomez said: "Obviously we will consider that type. We have to control costs."
Valencia have been forced to delay payments to players, while construction work on a new stadium has ground to a halt.
As City were ready to shell out £100m for AC Milan's Kaka, Valencia hope to command a huge fee for Villa and international team-mate David Silva.
Chelsea owner Roman Abramovich is also ready to sanction another huge spending spree in the summer to revamp the side and compete with Manchester United.