CHELSEA’S lengthy pursuit of Ashley Cole took a dramatic twist last night when the Barclays Premiership champions indicated that they are prepared to swap William Gallas in a direct exchange for the England defender.

Gallas has been agitating for a move from Stamford Bridge for some time and, frustrated by his indiscipline, the club are willing to let him leave if it means that they can secure Cole, whom José Mourinho has been chasing for more than 18 months.

Chelsea’s offer seems certain to be met with derision in North London and may be seen as an act of provocation.

Arsenal had a £5 million bid for Gallas rejected over the weekend and value Cole at £25 million, a huge financial disparity, which means that the deal is unlikely to happen.

With only one year remaining on his contract, Gallas, 29, has a relatively low market value, while Cole, four years the Frenchman’s junior and his price artificially inflated as an Englishman, commands a much higher premium. It does not seem feasible that David Dein, the Arsenal vicechairman, would accept such a humiliating loss, no matter what the footballing merits of the proposed transfer.

Aside from such financial constraints, there is much to recommend the deal because both men are world-class players, who are desperate to leave their clubs. Such is their state of mind that neither has played domestic football this season and they are unlikely to do so until their situations are resolved by the closing of the transfer window at the end of the month. The one difference is that Chelsea’s financial strength means they can keep hold of an unhappy player, a risk Arsenal cannot afford to take with Cole because of his diminishing value.

Cole’s grievances are more long-standing and easier to understand, if only because he has expressed them on several occasions. The 25-year-old has not forgiven Arsenal’s board for allegedly going back on its word during contract talks two years ago and felt further betrayed by its stance during the “tapping-up” inquiry after his infamous meeting with Chelsea in January 2005.

After five successful years in West London, Gallas resolved to leave at the end of last season in favour of a move abroad, only for the Italian match-fixing scandal and subsequent transfer of several defenders to Spanish clubs to scupper his plans. Having set his mind on a fresh start, the defender has refocused his sights on a move to Arsenal, where the opportunity of working with Arsène Wenger appeals, as does a guaranteed place at centre back. Being rotated around the back four is the source of much of his frustration at Chelsea, as well as his belief that he has not been paid what he is worth.

Chelsea have since offered him a new five-year deal worth £70,000 a week, which has been rejected, but after his refusal to join the club’s pre-season tour to the United States, their stance is hardening.

The signing of Khalid Boulahrouz, the Holland defender, who completed a £7 million move from SV Hamburg yesterday, provides another indication that Gallas may not feature much this season.

• Robert Pires will be out for seven months of his first season at Villarreal after tearing the cruciate ligament in his left knee. The former Arsenal midfield player suffered the injury during the match against Cadíz on Friday and will undergo surgery.