Vieira's Arsenal warning

Abramovich, the Russian oil billionaire, is planning to assemble an exciting new midfield, adding Vieira to planned new signings Juan Veron, Geremi and Damien Duff.

Manchester United's Argentine Veron is set to join this week in a £14million deal, but it is the potential £50m move for Vieira that will really shake up the Premiership.

Although Arsenal will resist Chelsea's bid for Vieira - and any linked deal for team-mate Thierry Henry - it is believed the Highbury club may be drawn into negotiations if the offer is substantial enough to ease the financial pressure at Arsenal.

The mounting debts at Highbury are causing concern, and problems in securing the funding for the new £350m Ashburton Grove stadium project have seriously diminished the club's spending power.

Restricted wage deals reflect the financial pressures on Arsenal and may explain why Vieira - who says his knee injury has cleared up and is ready to start the new season - has yet to sign a new contract.

Arsene Wenger is alarmed that a time may soon come when the club has to place financing its new stadium above all other considerations - especially if a £100m double bid is lodged.

Chelsea's interest in Vieira is likely to increase after being rebuffed by Liverpool in their initial moves for Steven Gerrard.

And their transfer frenzy shows no sign of slowing. Veron, who cost United £28m from Lazio, is earmarked for a creative role in front of Vieira. Abramovich's other targets include Roma's Francesco Totti, Inter's Christian Vieri, Andriy Shevchenko of AC Milan, Southampton's Wayne Bridge, Juventus pair Edgar Davids and David Trezeguet, Real Madrid's Raul and Blackburn winger Duff.

Chelsea have already had two offers for Duff turned down. They hope, though, to conclude the signings of West Ham's Glen Johnson and Real Madrid's Geremi in the next 48 hours.

Coach Claudio Ranieri seems to be playing only a marginal role in the rebuilding programme, even though Chelsea claim they are not trying to lure England coach Sven-Goran Eriksson.

Chief executive Trevor Birch said today: "Ranieri is the coach. He has four years on his contract, he has just got us into the Champions League and has already had a positive meeting with Abramovich."

Jurgen Macho, the club's new goalkeeper, could miss most of the season after injuring his knee during training.