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By Nick Dorrington, Special to SI.com, Goal.com

A source close to Boca Juniors president Mauricio Macri has revealed that Chelsea is weighing up a move for Boca forward Rodrigo Palacio and could make its move within the next seven days.

Palacio, 26, has long been tracked by scouts all across Europe and was close to a move to Barcelona last summer before the Catalan giants instead elected to sign Thierry Henry from Arsenal.

Arsenal itself was said to hold an interest in Palacio, but it seems as if its London rival Chelsea may make the first move according to a report on Goal.com's Latin American site.

The report states that Chelsea scouts were sent to Buenos Aires at the start of last week to take a more in-depth look at Palacio and were extremely impressed with his performance during Boca's 4-3 win over Colo-Colo in the Copa Libertadores on Thursday.

Their favorable write-ups are currently being mused over by the Chelsea hierachy, with the suggestion being that the West London club could put forward a proposal to their Argentine counterparts by the end of the week.

Boca is resigned to losing Palacio this summer, despite the fact that he is under contract until 2010, and would be willing to discuss a deal in the region of $30 million for the former Banfield striker.

The Buenos Aires club has already started searching for a replacement for Palacio, with Dario Cvitanich of Banfield and Lautaro Acosta of Lanus said to be its two main targets.