Chelsea Transfer News: Latest Rumours and Speculation on Boxing Day 2014

At the time of year when Eggnog is popular, Chelsea appear finally ready to shake off the yoke of their ill-fated £50 million deal to sign Fernando Torres.

The Blues have green-lit a move to sell the player who joined the club in January 2011 to Atletico Madrid, Torres' first home.

Elsewhere, Chelsea boss Jose Mourinho may have unearthed a hidden gem from the Bundesliga. At least that's according to the latest reports from Germany.

But Torres' seemingly imminent exit is the best place to start the latest round of transfer speculation:

Torres is Going Home

While most of the football world has forgotten about Torres' talent, it seems his first club hasn't. Atletico have reached a deal to bring their one-time prodigy home, per Sky Sports.

In fact, the deal is a very reasonable one for the reigning La Liga champions. That's according to Spanish football expert and B/R writer Guillem Balague, who had this to say on Sky Sports News: "The suggestion is that Chelsea have let him go for free but in any case it seems confirmed that Fernando Torres returns home."

Kirsty Wigglesworth/Associated Press

Not even recouping the crumbs from that original £50 million may irk some Chelsea fans. But the truth is the Blues are long since past the point where they need the player off their books.

Things just haven't worked out and the prospect of Torres again pulling on a Chelsea shirt has to depress the player, the club's fans and its hierarchy.

Torres rose to prominence as a teenage prospect at Atletico. He turned early promise into a reputation as one of the hottest commodities in European football.

That reputation encouraged then-Liverpool boss Rafa Benitez to pay close to £20 million in the summer of 2007. Torres became an instant hit on Merseyside.

His goals propelled the Anfield outfit to a UEFA Champions League semi-final in 2007/08 and a second-placed finish in the Premier League the following campaign. But things turned sour the moment Torres signed for Chelsea.

Ironically, Liverpool were recently linked with a bid to bring Torres back to Anfield, per Daily Star reporter Chisanga Malata. He cited unnamed sources in Spain claiming Kop boss Brendan Rodgers was ready to pay around £10 million for Torres.

However, if Chelsea have willingly let Torres walk for nothing, Liverpool's proposed interest was likely just a myth. In reality, Chelsea have successfully convinced AC Milan to end their two-year loan agreement with Torres.

Antonio Calanni/Associated Press

The Rossoneri's about-turn is somewhat surprising. In late October, Daily Mirror reporter Neil McLeman stated Torres had the support of powerful figures at the club: "Fernando Torres is demanding more playing time at Milan - and has the backing of club owner Silvio Berlusconi."

However, it seems Berlusconi's patience has finally run out. That makes sense when considering Torres has managed just one Serie A goal since moving to Milan in the summer, according to WhoScored.com.

Ultimately, a return to Spain and Atletico represents the best career move for Torres. He's certainly lost that initial quickness that once made him feature in the nightmares of Premier League defenders.

But he could still be worth a gamble for many clubs, as B/R's Sam Tighe has argued:

Torres still has the savvy and class to find the net in the right team. The more deliberate and patient style preferred by Atletico manager Diego Simeone could be the perfect tonic for the veteran striker's woes.

Chelsea Stepping up Interest in Karim Bellarabi

If Torres is the one out during this window, Karim Bellarabi could be the one in. The Bayer 04 Leverkusen ace is apparently near the top of Chelsea's wish list.

That's according to a report in German publication Sport Bild (h/t Sport Witness). The report puts Chelsea at the front of the queue of Bellarabi's suitors, while also offering a mini scouting report:

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So far this season the attacker has got 8 goals in 17 Bundesliga games and that form has seen him called up by Germany. He made his senior debut in October and has now played 4 times for the country, becoming something of a squad regular. Bellarabi can play on the right wing, left wing or through the middle.

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The 24-year-old Bellarabi is nominally a winger, something that could lend weight to Chelsea's interest. Since returning to Stamford Bridge in 2013, Mourinho has stockpiled wide forwards.

The club has signed Willian, Andre Schurrle and Mohamed Salah. Mourinho has also geared his team's attacking play to feature Eden Hazard's trickery from the flanks.

However, Chelsea could be ready to part ways with half of that forward-thinking quartet. Schurrle has made a mere 10 starts in all competitions this season, according to ESPN FC.

Back in mid-November, the German World Cup winner was linked with a move to Borussia Dortmund, per Bild (h/t Mail Online writer Charles Skillen). Meanwhile, Salah is regularly linked with a move away, with Jack Pitt-Brooke of The Independent recently naming Besiktas as a likely destination in January.

Bellarabi would certainly make sense as a replacement for either Schurrle or Salah. However, the case may not be so clear cut.

In an intriguing subplot, the original Sport Witness report speculated that the source of Sport Bild's contention that Chelsea are keen stems from scouting the player when Leverkusen faced Benfica in the Champions League.

As Sport Witness noted, it's just as possible the Blues were scouting Benfica striker Anderson Talisca. After all, the 20-year-old has been on Chelsea's radar for a while.

Earlier this month, London Evening Standard reporter Simon Johnson suggested Mourinho is ready to pay £35 million for the young attacker. More recently, Chelsea's midfield anchor man and ex-Benfica stalwart Nemanja Matic has endorsed Talisca's talent.

That's per Portuguese publication O Jogo (h/t Off The Post writer Rob Parker): "I don't know him well. But from what I saw in the game with FC Porto he seems to me to be a very interesting player."

Continued interest in Talisca makes more sense than a move for Bellarabi, especially with Torres set to leave. That creates a vacancy for a striker.

Admittedly, the Blues aren't exactly short of options. However, Diego Costa's hamstring and temperament issues have to rate as a concern. So does ageing veteran Didier Drogba's longevity and Loic Remy's durability.

For the moment, though, Chelsea fans needn't worry about new arrivals. Mourinho's squad is well-stocked and formidable.

At the very least, waving goodbye to Torres removes a symbol of some of the club's less sensible dealings during a winter transfer window.