Shanghai Shenhua confirm Anelka talks
Club spokesman Ma Yue confirmed to Reuters that they were in negotiations with the French striker, but would not reveal any details.
"Many details of the contract are under discussion right now," Ma said by telephone. "The negotiation is nearing a close.
"The deal will definitely have a final result within five days... we hope the public will wait patiently for the final result."
Local media had reported the contract would be for three years and would involve both soccer and commercial co-operation.
English Premier League Chelsea on Saturday said they had accepted transfer requests from Anelka and Brazilian defender Alex.
Though manager Andre Villas-Boas added: "The transfer requests were accepted but it doesn't mean it will happen, and if it doesn't happen they will return to full training."
Second tier English side West Ham United are also reported to be interested in the Frenchman with manager Sam Allardyce said to be keen to link up again with the player he worked with while in charge of Bolton Wanderers.