Pedro Neto is on the verge of joining Chelsea after Wolverhampton Wanderers accepted a £51.4 million offer plus bonuses.
Neto is expected to undergo a medical in London on Saturday, with personal terms already agreed.
Fabrizio Romano reports that the 24-year-old will sign a contract with Chelsea, keeping him at Stamford Bridge until June 2030, with an option for an additional season.
The Blues view the Portuguese forward as a versatile player capable of helping their attack on both wings.
Neto had been linked with Arsenal and Liverpool, but Chelsea moved quickly to secure his services.