Transfer report: Atletico Madrid to make £17m offer for Chelsea and Manchester United target Hakan Calhanoglu

Atletico Madrid are ready to open the bidding for Chelsea and Manchester United target Hakan Calhanoglu.

Both Premier League clubs are monitoring the free-kick specialist's situation at Bayer Leverkusen this season and have been linked with summer moves.

The 23-year-old Turkey international is under contract until 2019 and has a release clause set at £32.25m, but so far none of the chasing pack have come close to activating it.

Now, according to Turkish news outlet A Spor, Atletico are ready to firm up their interest with a formal offer, although it will fall well below that figure.

It has been suggested that the Spanish club are ready to test the waters with an opening bid of around £17m for Calhanoglu.

The midfielder has not played since January - and is banned for the rest of the season - due to a contract dispute with Trabzonspor which prompted FIFA to suspend him.

However Leverkusen are still well aware of his value and are unlikely to sell for £17m, especially with the interest from England likely to drive up the price.