Newcastle manager Joe Kinnear is on the Chelsea wish list to replace Luiz Felipe Scolari.
Sky News reports the Newcastle manager's recent hospitalisation has been a cloak so he could start negotiations with Stamford Bridge.
A Chelsea spokesman said: "Kinnear and Adams would be a dream team that would bring the Champions League title to Chelsea.
"It is unlikely we could afford the pair."
Kinnear has been quiet over the speculation - only now able to communicate through his right eye.
Nurses have commented: "Clear!"
Newcastle have stated they will only let their manager head to Stamford Bridge if a sizeable five figure payout is agreed.
"We'll certainly pay them £10,000 to get him off our hands," a source said.
