Chelsea has reportedly launched an audacious $170 million bid for Liverpool’s Spanish striker Fernando Torres. Torres, who just sealed the Euro 2008 Championship for La Furia Roja with the only goal in the Final to beat Germany 1-0, is apparently the No. 1 target for Chelsea’s billionaire owner Roman Abramovich.

Source: CNN Sport

Argentina’s Olympic squad will include Lionel Messi and Javier Mascherano, much to the chagrin of their respective clubs, after coach Alfio Basile named a strong-looking Albiceleste squad that will take part in Beijing this August.

Another notable inclusion is Juan Roman Riquelme of Boca Juniors, who is the only “overage” player involved in the squad, which mainly comprises players younger than 23.

Argentina passed up the chance to include a further two overagers after the likes of Fabricio Coloccini were denied permission to head to China.

The Glazer family is ready to do business with Real Madrid and accept its mega-offer for Cristiano Ronaldo following lengthy talks with the Manchester United directors, according to a report in Spanish sports daily AS.

After weeks of Marca promoting the Portuguese star’s increasingly problematic switch, the strongest Madrid-leaning paper has now waded in with a claim that a deal will be done.

While AS recognizes that Sir Alex Ferguson will continue to strongly object to the transfer, the owners of the Red Devils are tempted, according to the report.

Cristiano Ronaldo has met with Manchester United officials for the first time since speaking of his desire to leave Old Trafford.

But Ronaldo only met with club doctors, as well as medical staff from the Portuguese Football Association, to assess the midfielder’s ankle injury.

Wednesday’s meeting between Ronaldo and United doctors took place in Lisbon.

No decision has been made on whether the 23-year-old will have surgery on his right ankle.

Liverpool have finalised the transfer of Switzerland international defender Philipp Degen on a free transfer from German club Borussia Dortmund.

The 25-year-old former Basel player, who will compete with Alvaro Arbeloa and Steve Finnan for the right-back berth, has signed a four-year deal.

An unused substitute during Euro 2008, Degen agreed to join Liverpool in May.

Liverpool also expect to complete the signing of Udinese defender Andrea Dossena in the next few days.

Degen began his career with Basel in 1996, making his debut in 2001, before joining Dortmund in 2005.

ISTANBUL, Turkey (AP) — The Turkish Football Federation says it has extended contract with national squad coach Fateh Terim until 2012.

The federation said on its Web site that it agreed with the coach after a meeting on Tuesday.

Terim shepherded Turkey to European Championship semifinals in the tournament in June.

The coach signaled willingness to quit his job after the team’s 3-2 defeat to Germany last week in Basel but Hasan Dogan, his boss as the head of Turkish federation’s president, has said he would not let Terim leave.

Source: CNN

AC Milan has elected not to renew the contract of Brazilian striker Ronaldo, as the club wants to wait and see if El Fenomeno recovers fully from his injuries.

Ronaldo’s career was believed to be in doubt after he severed a tendon in his knee playing in a Serie A match against Livorno last February.

After a successful operation in Paris, it was revealed that the three-time FIFA World Player of the Year would be out of action for at least nine months, although a more likely return date was said to be in 2009.