Mason Mount, Mateo Kovacic and Ruben Loftus-Cheek are reportedly heading out of Stamford Bridge this summer.
The Blues have been without a top-class defensive midfielder since 2017, when Nemanja Matic left for Manchester United.
Incoming manager Mauricio Pochettino is not taking any chances and is pushing to add two defensive midfielders to the squad.
Chelsea are already in advanced discussions with Ugarte and have told Sporting CP they are ready to match his €60 million release clause.
However, they face competition from Paris Saint-Germain. Les Parisiens want a defensive midfielder and have the Uruguayan destroyer on their radar.
Chelsea also want to sign Brighton & Hove Albion’s Caicedo. The Ecuador international star has become one of the defensive midfielders in the Premier League.
Brighton will likely demand a massive sum for the 21-year-old. They rejected a bid from Arsenal in January, even though he handed in a transfer request.
The former Independiente del Valle man performed a U-turn and signed a new contract.
However, Chelsea and Arsenal could return for him this summer. The Gunners retain their interest in Caicedo from January, especially as they face fierce competition from Bayern Munich for Declan Rice.
The Bavarians are muscling forward with a deal for the West Ham United star. Losing Rice will likely force them to push for Caicedo.
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