Chelsea have reportedly failed with an opening £35m bid for Manchester City attacker Cole Palmer.

The 21-year-old's future is currently the subject of much speculation, with Man City head coach Pep Guardiola recently admitting that the forward could be on the move before the end of the transfer window.

Chelsea are believed to be huge admirers of the Englishman, and according to The Guardian, the Blues presented Man City with a £35m offer for his services.

The report claims that the Premier League champions had their opening bid turned down, but an offer of £45m is likely to be enough for Mauricio Pochettino's team to sign him.

Palmer has been with Man City since Under-8s level, progressing through the various age groups before making his first-team debut in September 2020 against Burnley in the EFL Cup.

The forward made two appearances for the Citizens in 2020-21 before featuring a further 11 times in 2021-22, finding the back of the net on three occasions.

Palmer was a regular for Guardiola's side last season, making 25 appearances in all competitions, scoring once and providing one assist.

The attacker has been in impressive form in the early stages of this campaign, scoring twice in his three appearances at club level, netting against Arsenal and Sevilla in the Community Shield and UEFA Super Cup respectively.

Palmer also played the final 10 minutes of Man City's Premier League opener against Burnley, but he has been an unused substitute in their last two league games against Newcastle United and Sheffield United.

In total, the England Under-21s international has made 41 appearances for the Citizens, scoring six goals and registering two assists in the process.

West Ham United are believed to have made an attempt to sign Palmer on loan earlier this month but were informed that he would not be allowed to leave on a short-term basis.

Christopher Nkunku's serious knee injury has put Chelsea in the market for a versatile forward to add to their squad for the 2023-24 campaign.

Riyad Mahrez's departure to Saudi Arabia was expected to lead to Palmer being given more opportunities at Man City, but Jeremy Doku has moved above the Englishman in the pecking order following his recent arrival.

Amid the ongoing transfer speculation, Chelsea are currently preparing for Saturday's Premier League clash against Nottingham Forest, while Man City will be in action on the same afternoon against Fulham.