Chelsea are set to begin contract talks with Reece James, ahead of the 2022-23 season. 

Despite being a key player in the Chelsea squad, the 22 year old Reece James earns around £70,000 a week at Chelsea.

The England international still has three years remaining on his deal, with Chelsea so far having not felt the need to bolster his salary to match his importance within their squad.

James’ contract situation at Chelsea has caught the eyes of Real Madrid and Manchester City, who both believe he’s underpaid at Chelsea.

Real Madrid and Manchester City reportedly see James as a long-term transfer target and are ready to more than double what he currently earns at Chelsea.

James has been at Chelsea since he was aged six and Chelsea chiefs reportedly believe his emotional tie to the club negates the need to bump his salary for now.

However, it is understood that new owner Todd Boehly has made a decisive move to ensure resolving James’ contractual situation is among the club’s priorities. 

According to the Daily Mail, discussions over a new deal are yet to get underway, however the club have privately made clear their intention to offer James an improved contract.

Since signing his current contract two-and-a-half years ago, the Chelsea academy product has unquestionably become one of the most important players in the squad, and Todd Boehly clearly understands this.