The 22-year-old defensive midfielder is a key man at Sporting Lisbon and is a man in demand as the summer transfer window approaches.
Ugarte could be playing his football in the Premier League as he is drawing attention from England.
Premier League outfits Liverpool and Newcastle have both taken an interest in the defensive midfielder.
It has been suggested that Jurgen Klopp’s side are particularly keen on Ugarte and are close to landing the midfielder.
However, it has been claimed that Newcastle have decided to step up their pursuit of Sporting Lisbon’s talented midfielder.
It is suggested that Liverpool are still in pole position to sign Ugarte, however Newcastle may well have Champions League football to offer which the Reds may not be able to match.
Ugarte, who has a contract with Sporting Lisbon until June 2026, has a €60m release clause in his contract.