The Sun is claiming that both London clubs have emerged as contenders to sign the 23-year-old winger, who has emerged as one of the “hottest properties” in European football in recent seasons.
The same story claims that Carrasco has also attracted interest from Bayern Munich and Paris Saint-Germain as his future at Atletico Madrid beyond the summer looks unclear.
The report goes on to explain that Carrasco has become “unsettled” at Atletico Madrid this season after allegedly falling out with manager Diego Simeone.
The situation reportedly means that Atletico could be tempted into selling Carrasco for around £40m in the summer.
Chelsea and Paris Saint-Germain would be able to afford that price, and Arsenal could also stump up the cash, according to the same story.
It remains to be seen whether Carrasco, who is a Belgium team-mate of Chelsea star Eden Hazard, could be on the move this summer.
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