Alvaro Morata will arrive in London tomorrow morning, according to various sources.
He was due to travel to China with Real Madrid but is expected to undergo a medical at Chelsea with a view to signing a five-year contract.
The fee is believed to be in the region of €80m (£70.6m).
Discussions have been ongoing with Madrid since Chelsea lost out on their first-choice forward addition, Romelu Lukaku, to Manchester United, with a breakthrough achieved on Wednesday.
It is believed Chelsea will pay around £70million to land Morata, That will set a new club record transfer for Chelsea, whose current highest outgoing fee is the £50m they paid for Fernando Torres in 2011.