Anelka will leave Bolton if the bidding reaches £15m in the January transfer window and insiders say he is also looking for a contract until 2011 and £4million a year in wages.
Sven Switches From Owen To Anelka!
It is a huge bill that is being considered by both Avram Grant and Sven Goran Eriksson, who head the list of Anelka's many admirers, with the wages being unofficially passed on by agents to the interested clubs.
Eriksson would love Anelka back at City and has pushed him to the top of his shopping list, after switching his attention from Michael Owen.
Owen is out injured, once again, and that is a concern to the City boss, who would have to offer something in the region of £15m plus £110,000 per wek wages.
But, Chelsea may have a slight edge over City for Anelka, as they can throw players into the deal.
Owen said last week: "I have not been offered a new contract by Newcastle, and I haven't asked for one".