The Beckhams home in on £10m house in Chelsea

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The couple's spokesman confirmed today the couple were looking at buying a property in the capital.

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"They have been looking at a possible investment in London," said the spokesman. "They have been looking to buy in London for some time. If it's the right property they will buy but not to live in permanently."

The house, off the King's Road, is well known to Victoria Beckham, who has expressed her fondness for it in the past. The house was previously rented by Damon Dash, a record producer.

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The prospect of the Beckhams moving to west London will increase speculation that the former England captain could move to Chelsea football club in January in a loan deal similar to the one which took him from the LA Galaxy to AC Milan this year.

Beckham wants to play football at the highest level before the 2012 World Cup. New Chelsea coach Carlo Ancelotti was previously at AC Milan and instrumental in taking him there.

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But a source close to the player insisted today no deal had been done with Chelsea and it was more likely Beckham would return to Milan if agreement could be reached again with his American club. The source added: "David and Victoria are very happy in the States and if David does come back in January it will be as part of a short-term move. After the World Cup, he will be back permanently in the US."

The property, formerly a Huguenot chapel, is made up of two low-rise artist studio houses joined together.

The rear contains five bedrooms and ensuite bathrooms and the front houses the kitchen and dining areas with an artist's studio room upstairs leading onto a private terrace.

One neighbour said she hoped such a move would not destroy the street's tranquillity. Antonella Tononi, 38, said: "I'm very excited. But I do hope there won't be lots of screaming fans."