Chelsea have agreed a deal with Palmeiras for 17-year-old winger Estêvão Willian, sources have told ESPN.
The west London club have beaten off competition from some of Europe's biggest clubs to agree a deal that sources have told ESPN is worth an initial €34 million ($37m) with performance-related add-ons potentially taking the total to a figure in the region of €67m.
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The teenager is regarded as one of the best young talents in his native Brazil but, should the transfer be completed, the teenager will not join the club until 2025.
Chelsea have prioritised signing young talent ever since Todd Boehly and Clearlake Capital completed their takeover two years ago, with the club's new owners investing more than £1bn in the time since.
They have executed a number of deals with clubs in South America over the past few transfer windows. Andrey Santos and Kendry Páez signed for Chelsea last year, while Thiago Silva will leave the club to rejoin his former club Fluminense after the final match of the Premier League season on Sunday.
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Meanwhile, Chelsea are set to land a bonus in the region of £5m as part of Eden Hazard's transfer to Real Madrid in 2019, despite the former Belgium winger retiring from football last October, a source has told ESPN.