Roman's new £100m

Chelsea today revealed they are prepared to break the £100million barrier to secure the right player but are determined not to be ripped off when the transfer window opens next month.

Acting chief executive Paul Smith has been placed in charge of recruitment by Roman Abramovich and is under orders to buy the best players in the world for Claudio Ranieri.

That news will be a warning for the club's main rivals at home and in Europe.

Abramovich has already spent £111million on 11 players as part of his attempt to turn Chelsea into one of the world's biggest clubs and is prepared to double his spending in one stunning swoop. The Russian billionaire is adamant that he will not overpay, however, and will only spend huge sums if he believes the player represents good value for money.

Smith said: "If Pele was on the market today for £100m then we'd maybe go for him, but we won't pay £30m for Joe Nobody. It's not about the fee but about getting good value. We want the right quality and the right value.

"We do care about the money and it's a misconception that we don't. There's not a finite budget but we want to get good value. Roman is a businessman and is determined not to get ripped off. We won't pay the tourist price."

Chelsea's main priority next month is to sign an experienced defender as cover for Marcel Desailly and to supplement a midfield stretched by injuries to Juan Veron and Emmanuel Petit. They have already been linked with huge offers for Thierry Henry and Wayne Rooney but Arsenal have said they will not sell Henry at any price and Chelsea denied they were trying to sign the young Everton and England star.

Ranieri's interest in Roberto Ayala has cooled, though, as the Argentinian is ineligible for the Champions League after playing for Valencia in this season's UEFA Cup.