Atletico Madrid eyes Nicolas Jackson as Chelsea striker’s future hangs in the balance

Nicolas Jackson came back from Bavaria with a Bundesliga title medal in his pocket and an uncertain future waiting for him in London. Now Atletico Madrid wants to make that uncertainty work in their favor.

The Spanish club has expressed sustained interest in signing the 25-year-old Chelsea forward, with speculation around a potential summer 2026 move intensifying as Jackson finds himself in a peculiar limbo: valued highly by Chelsea, courted by rivals, but lacking a permanent club willing to put real money on the table.

How we got here

Jackson joined Chelsea from Villarreal in the summer of 2023 for £32 million, signing an eight-year deal that was later extended to run until 2033.

He logged 65 appearances for the club across all competitions, scoring 24 goals, before heading out on loan to Bayern Munich for the 2025-26 season. The loan went well by most measures: 8 goals in 23 Bundesliga matches, and a league title to show for it.

Bayern, however, declined to trigger the €65 million purchase option attached to the deal. The result is that Jackson is back at Chelsea, training in pre-season, while his long-term situation gets quietly negotiated around him.

Atletico’s interest dates back to early 2025, according to reports. The Madrid club has been watching Jackson as a potential answer to a specific tactical question: what happens if Julian Alvarez moves on? Jackson fits the profile of a mobile, high-energy forward who could slot into Diego Simeone’s system.

The numbers Chelsea is working with

Chelsea’s asking price presents the first serious obstacle to any deal getting done. Previous estimates have placed Jackson’s value somewhere in the £80-100 million range, a significant step up from the £32 million they paid Villarreal three years ago.

For Atletico, spending £80-100 million on a single forward is a significant financial commitment, particularly for a club navigating the economics of La Liga against the spending power of Premier League sides. No formal bid has been submitted as of now, which suggests Atletico is still in the stage of making their interest known rather than pushing toward a concrete offer.

The competition Chelsea will have to manage

Atletico is not alone in watching Jackson’s situation develop. Aston Villa, Newcastle, Tottenham, and Manchester United have all been monitoring his status, meaning Chelsea potentially holds a strong hand if they decide to sell.

Jackson is currently integrated into Chelsea’s pre-season plans as the club assesses its options amid a broader sales strategy under new management.

Atletico’s challenge is straightforward on paper and complicated in practice: convince Chelsea to sell, convince Jackson that Madrid is the right move, and do both at a price that does not blow the club’s transfer budget on a single position. None of those three steps is guaranteed, and all three need to align simultaneously for a deal to happen.

Jackson, for his part, is 25 years old and under contract until 2033. A move to Atletico Madrid would keep him in top-level European football with Champions League exposure. Whether that calculus beats the security of a long-term Chelsea deal, or the appeal of staying in the Premier League with one of the domestic clubs circling, remains an open question.

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