The Daily Telegraph are reporting that Chelsea are set to make a £17.5 million bid for Porto wing back.
New boss Andre Villas-Boas is interested in bringing the 25-year-old Uruguayan to Stamford Bridge as he looks to stamp his mark on the team.
The Portuguese coach was Pereira’s boss at Porto last season and the pair could be reunited in West London.
However the Primeira Liga champions value the Uruguay international at around £26 million after his star performances in the Copa America.
They have already signed a replacement in the form of £8.3 million Alex Sandro from Santos but aren’t willing to let one of their key players leave on the cheap.
Villas-Boas is keen to fill the gap left by the recently departed Yuri Zhirkov and held talks last month only to back away when hearing of Porto’s demands.
The Chelsea boss keen to bring a player in from his former club as they understand the way he works.
It will certainly leave question marks hanging over the head of some players in the current squad.
The 33-year-old coach could sacrifice the like of Alex, Joe Boswinga and John Obi Mikel to raise the funds capable of bringing Pereira to the club.