Chelsea are yet to flex their financial muscle in the transfer market in a significant way this summer but may have just pipped both Arsenal...
The 26-year-old was influential in Chile's Copa America triumph and Arsenal were hoping he would link-up with fellow countryman Alexis Sanchez at The Emirates, but it's now thought Jose Mourinho's side will go straight to the front of the queue after showing an interest.
However, Aranguiz's club are unlikely to announce anything publicly or even discuss the player's departure whilst competing in the Copa Libertadores and may even wait until after a semi-final clash with Tigres, which will be concluded when the second-leg is played on July 22.
Chelsea already have good links with the Brazilian club after signing Oscar from them in 2012 and a fee of £8 million may be enough to convince them to part with Aranguiz.
Get him! Chelsea 'set to deal rivals transfer blow by landing one of South America's best defenders'
Jose Mourinho and Chelsea have been relatively quiet in the transfer window, thus far (Picture: Reuters)
Having only seen the player the odd number of times on the international stage, you would have to ask the football hipsters on the merits of Aranguiz's potential arrival at Stamford Bridge, but considering the clubs linked with a move he clearly has something about him.
Despite being fairly secure domestically and with the likes of Arsenal and Manchester United having significant work to do before they can think about challenging at the top, while Manchester City have a little less to do and represent Chelsea's main threat to their Premier League crown, it is still going to take numbers to become dominant in Europe once again.
Aranguiz is just one player linked with a move to west London.
Asmir Begovic is due to finalise his move from Stoke, Pedro is heavily linked and Mourinho wants Real's Isco, while Radamel Falcao has already been secured on loan and although poor at Manchester United last season, he should be an upgrade on Didier Drogba and it seems to be a personal project of Mourinho to bring the player back to his best, as he has spoken strongly about the Premier League not seeing the 'real Falcao'.
