Chelsea made a £30 million move for French star Franck Ribery on Tuesday after failing to prise Luka Modric from Tottenham.Blues boss Andre Villas-Boas has turned to Ribery in his search for a world-class playmaker after being frustrated by Spurs chairman Daniel Levy's tough stance over Modric.
But Bayern Munich will not consider a deal for less than £36m. The Blues are ready to hand him a pay deal worth £10m a year.
Now AVB must decide whether to match the German giants' valuation.
Chelsea are determined they are not going to be left behind by Manchester United and big-spending Manchester City.
Carlo Ancelotti tried to sign Ribery, 28, two years ago but was quoted a price of £88m by Bayern president Uli Hoeness.
Bayern forked out a record £22m to sign him from Marseille in 2007.
He is the highest paid player in Germany and still has four years of his £180,000-a-week contract to run.
But he is trying to restore his reputation after being indicted for soliciting an underage prostitute last year and banned for his part in France's World Cup strike.
AVB also offered £7m plus Yossi Benayoun for Liverpool's Portuguese midfielder Raul Meireles, but that was rejected.