The brilliant Brazilian, widely regarded as one of the finest players on the planet, was targeted by Manchester City in the winter transfer window but elected to remain with the Serie A giants.
Kaka went on record as recently as Tuesday to insist that he was happy with the Rossoneri and had no plans to move on this summer.
But further speculation emerged that Real Madrid were planning a swoop following Florentino Perez's appointment as president, with the returning supremo eager to make another 'Galactico' signing.
And Sky Sports News sources now understand that Chelsea have tabled a bid which trumps the reported offer of £56million from Santiago Bernabeu.
Former AC Milan coach Carlo Ancelotti was installed as the new Blues manager on Monday and he could now be set to link up again with the talented playmaker.
Chelsea's £73.5million bid is reported to be backed up by an offer of £10million-a-year in wages after tax for Kaka in a bid to lure him to Stamford Bridge.