Atletico Madrid have reportedly set Chelsea a deadline to complete their purchase of Joao Felix - and that day is hurtling towards them. 

The Spanish giants need to sell somebody to finance their £33.7million move for Conor Gallagher, which is in the lurch despite terms being agreed.

Gallagher's move to Atletico stalled a few days ago when their striker Samu Omorodion's £34.5m switch to Chelsea collapsed at the 11th hour. 

Atletico are keen to raise funds quickly because they reportedly wish to unveil Gallagher alongside their other signings. 

That presentation takes place next Wednesday, August 21, and Atletico have made that a loose deadline to wrap up the Felix and Gallagher deals as per AS. 

Chelsea's offer for Felix could total £55m. Portuguese outlet O Jogo reports that the Blues have offered a guaranteed initial fee of £30million for Felix, with £25million to be paid later for the remaining percentage of the transfer fee. 

Felix spent half of the 2022-23 season on loan at Chelsea, having fallen out with Atletico head coach Diego Simeone. 

He played 20 games and four times for the London club but never quite convinced. Things got off to a bad start when he was sent off in his first game against Fulham. 

The 24-year-old is open to joining Chelsea but a deal has yet to be agreed. 

Last season Felix found the net on ten occasions in 44 appearances while on loan at Barcelona.

Chelsea have been notably lavish in their spending once again this summer, splashing around £160m on 10 signings so far. 

And Atletico's pursuit of Gallagher comes amid a summer spree of their own, with the LaLiga side having spent £120m already. 

Two-thirds (£81m) of that went on Manchester City's Julian Alvarez while they have also brought in Robin Le Normand - who won the Euros with Spain - Norwegian striker Alexander Sorloth. 

Gallagher watched his transfer grind to a halt from the comfort of his hotel room in Madrid as the Omorodion deal fell apart. 

He flew home at around 6.30pm on Tuesday night and was banished to train with the under-21s and discards.

The midfielder, 24, has been with Chelsea since the age of eight. 

Diego Simeone has reportedly personally assured Gallagher that Atletico are desperate to sign him amid his harsh treatment, according to The Telegraph. 

However, Los Rojiblancos have reportedly also opened talks with N'Golo Kante, who plies his trade with Al-Ittihad in Saudi Arabia, in case the Gallagher deal is stymied entirely, as per Relevo.