Chelsea have agreed a deal with Brighton worth a British record £115m for midfielder Moises Caicedo.
The Blues are understood to be paying an initial £100m, plus £15m in performance-related add-ons.
Caicedo has been given permission by Brighton to have a medical at Chelsea, which is expected to take place on Monday.
The midfielder will sign an eight-year contract, with an option for an additional year.
Brighton have a sell-on clause described as “significant” as part of the £115m deal to sell Caicedo.
The Blues will pay £100m up front for the midfielder, with £15m in add-ons.
Half of the add-ons are described as “easy to achieve”, while the other half are considered “more difficult” to achieve.
Liverpool agreed a £111m deal to sign Caicedo earlier this week but the move fell through when the 21-year-old informed the club he wanted to join Chelsea.
Caicedo is expected to travel to Liverpool for a medical on Friday after Jurgen Klopp’s side had a bid accepted by Brighton after the midnight deadline for bids on Thursday.
But the Ecuador international has had a change of heart and told Liverpool – who drew 1-1 with Chelsea in their opening Premier League game of the season on Sunday – he does not want to be involved.
Caicedo, however, remained in London and made it clear that he only wanted to leave Brighton for Chelsea, who have been chasing him all summer.
The £115m fee eclipses the £106.8m Chelsea paid for Enzo Fernandez when breaking the British-record transfer fee in January.
Chelsea want to sign two midfielders this summer, with the west Londoners also close to a deal with Southampton to sign Romeo Lavia, who remains a Liverpool target.
Klopp’s dig at Chelsea over transfers: What the manager wants them to get
Jurgen Klopp had a dig at Chelsea after their 1-1 draw with Liverpool, suggesting what the current Stamford Bridge manager wants, he can get, in terms of transfers.
After the stalemate between the teams of Super SundayKlopp was asked about his number one rival Mauricio Pochettino wanting more players in this window, which got a response of: “That’s what Chelsea managers want and they usually get it.”
Klopp also said after the game that there was “no news” to report on Caicedo’s transfer.
Redknapp ‘surprised’ Caicedo turned Liverpool down
Former Liverpool midfielder and Sky Sports pundit Jamie Redknapp on the Essential Football Podcast:
“Obviously I’m biased on one of these – but it’s amazing to me!
“Usually Liverpool always, always win these hands. I just think it’s inevitable.
“I thought he looked good in the red kit. I thought he was the perfect signing for Liverpool.
“I get the attraction of Chelsea. It’s a big club. They’ve won a lot of things over the years.
“But I think about the history of the clubs, I was amazed, especially with Caicedo joining Alexis Mac Allister, I thought it was a perfect move.”
Analysis: From crying teenager to in-demand star
After his country’s exit from the World Cup last year, when other players headed to high-end holiday resorts, Caicedo returned to Santo Domingo, Ecuador, playing in a local tournament on the same dust that pitch he used as a child.
In footage that has gone viral in the country, Caicedo, a budding Premier League star who recently became Ecuador’s youngest scorer in a World Cup, can be seen finding the net again, only this time as a ringer in Caicedos FC, a team made up of family members.
His goal, placed at the near post in ramshackle surroundings, helped Caicedos FC win the tournament and was celebrated with a jump, a fist pump and a gesture of recognition by several hundred spectators sitting or leaning on the fences around the pitch.
“This is Moses,” said Miguel Angel Ramirez, Caicedo’s former coach at his boyhood club Independiente del Valle. Sky Sports with a smile. “Returning to his village, his family, his friends, playing football, helping everyone there. He will not forget his people…”
Follow the summer transfer window on Sky Sports
Who will be on the move this summer when the transfer window opens on June 14 and closes at 11pm on September 1 in England and midnight in Scotland?
Keep up to date with all the latest transfer news and rumors on our dedicated Transfer Center blog on Sky Sports’ digital platforms. You can also catch up with ins, outs and analysis on Sky Sports News.