Atletico Madrid is increasing Yannick Carrasco's release clause to more than $43 million after reports that English Premier League side Chelsea are interested in acquiring the Belgian midfielder's services in January.

The 23-year-old Carrasco joined Atletico Madrid last summer from French club AS Monaco for a transfer fee of $22 million. Atleti then signed him to a five-year deal with a release clause of $43 million, which would amass a $21 million profit for the Spanish club should they decide to sell the player in the future.

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Los Colchoneros have decided to hand him a new contract and increase his transfer fee to a still undisclosed amount after reports of Chelsea's interest.

Chelsea's owner Roman Abramovich has pledged full support to the planned signing of Carrasco and would provide head coach Antonio Conte "significant funds" for the transfer to take place next year, Caught Offside reported.

Atleti is reportedly not ready to sell Carrasco anytime in the foreseeable future as he remains an integral part of coach Diego Simeone's 4-3-3 formation plans alongside Antoine Griezmann and Kevin Gameiro.

However, reports say senior club leaders may force Simeone to sell Carrasco as Atleti traditionally unloads one-star player every transfer window "to keep the books ticking over."

Meanwhile, Conte reportedly wants to sign Carrasco as he is a "carbon-copy replacement" for Belgium teammate Eden Hazard, who is Chelsea's number one option to wear the no. 10 shirt, according to The Sun.

Hazard is rumored to be dreaming of a move to Real Madrid after the transfer ban on Los Blancos is lifted in January 2018. To better prepare for his departure, Conte is said to be searching for the perfect alternative and right now he can see Hazard in Carrasco.

TagsFootball News & Rumors, Football News & Rumors 2016, Atletico Madrid, Yannick Carrasco, Chelsea FC