The 21-year-old Argentinian defensive midfielder has been attracting the attention of clubs across the Atlantic.
Liverpool and Newcastle are keeping tabs on him with a view to potentially signing him in the summer transfer window.
But more clubs are joining the queue of admirers for Varela and the Premier League pair could face competition from Portugal.
It has been claimed that Varela had scouts from Porto and Benfica watching him earlier this week.
The defensive midfielder played 80 minutes in Boca Junior’s 1-0 defeat to Banfield with scouts running the rule over him from the stands.
Porto and Benfica are known for their ability to pick out gems from the South American market for small fees and eventually sell them on for massive profits.
Varela has emerged on their radar and the clubs are compiling their reports on him ahead of the summer.
Liverpool and Newcastle are also interested but are likely to find it harder to get a work permit for him as the midfielder is yet to play for Argentina.