Cannavaro 'turned down Chelsea'

FIFA World Player of the Year Fabio Cannavaro turned down the opporunity to play for Chelsea, according to his agent.

The Real Madrid defender, 33, has been the subject of transfer rumours since the departure of Real coach Fabio Capello.

Cannavaro left Juventus for Madrid shortly after captainning Italy to World Cup glory this summer and has two years remaining on his contract.

Chelsea boss Jose Mourinho and chairman Roman Abramovich have come under fire due to The Blues lack of spending this summer.

Mourinho has made a number of signings but most have come on a low budget, such as Steve Sidwell from Reading. Meanwhile Premiership rivals Manchester United have splashed out on England star Owen Hargreaves and Brazilians Nani and Anderson.