Real Madrid midfielder Claude Makelele has agreed personal terms with Chelsea amd will undergo a medical this weekend.
Makelele will be Chelsea's 11th summer signing
The 30-year-old France international will complete his £13.8m move if he satisfies team doctors at Stamford Bridge.
A Chelsea statement read: "Chelsea and Real Madrid have agreed terms for
Claude Makelele and Chelsea have agreed terms with the player.
"He will do a medical over the weekend and it is hoped that the transfer will
be completed in time for the player to be qualified for the Champions League."
Chelsea and Real officials met at Thursday's Champions League draw in Monaco to thrash out the final details of the deal, which has seen Chelsea increase their initial offer of £10m for the player.
The club's bid to sign Makelele has been helped by the extension of the transfer deadline, which has been changed from Sunday to 1700 BST on Monday.
But Real's general director Jorge Valdano has sounded a note of caution, insisting the Spanish giants are still holding out for a bigger fee.
"The player will leave the club only for the right price, and that amount is not 20million euros (£13.8m) but more," Valdano told the Real Madrid website.
"Makelele at this moment continues to be a Real Madrid player with the same contractual conditions that he had last season. Nothing has changed."
Makelele made it clear he wanted to leave the Spanish champions and recently refused to take part in training in protest at being one of the lowest-paid players at the club.
CHELSEA CASH SIGNINGS
Glen Johnson: £6m
Wayne Bridge: £7m
Damien Duff: £17m
Juan Sebastian Veron: £15m
Joe Cole: £6.6m
Adrian Mutu £15.8m
Alexei Smertin: £3.45m
Hernan Crespo: £16.8m
Total to date: £94.65m
He was angered by Real's failure to offer him a new contract with improved conditions and set his heart on joining Chelsea's Russian revolution.
Makelele will become Chelsea's 11th signing of the summer in what has been the biggest spending spree ever witnessed in football history.
Tottenham goalkeeper Neil Sullivan will be another player arriving at Stamford Bridge should he pass a medical on Friday and agree personal terms with the club.
Under new billionaire owner Roman Abramovich, the club have splashed out £96m on signings such as Hernan Crespo, Damien Duff, Juan Sebastian Veron and Adrian Mutu.
Real hope to use the extra money raised from the sale of Makelele to sign central defender Roberto Ayala from Valencia, although the Spanish champions have had an initial bid for the Argentine rejected.
"He is a very important player for Valencia and he is going to stay at the club in the future," said Valencia club president Jaime Orti.
"I just want to reassure the fans that the player will remain here to help Valencia attain more success in the future."