Chelsea have agreed a deal to sign forward Mykhailo Mudryk from Shakhtar Donetsk.
Various reports claim that the Blues have hijacked the deal that Arsenal were hoping to complete, and while it isn't done, an agreement is in place.
Mudryk will travel to London to undergo a medical and sign a seven-year contract at the club, according to The Athletic.
The transfer fee is believed to be €70m up front with an additional €30m in add-ons for the Ukrainian international, who is set to become Chelsea's fifth recruit of the January window.
It comes after they paid an £11m loan fee to bring Joao Felix to the club from Atletico Madrid on a six-month loan deal - he endured a debut to forget as he was sent off in defeat to Fulham.
Benoît Badiashile, David Fofana and Andrey Santos have also made the switch to Stamford Bridge this month.
The news will come as a blow to Premier League leaders Arsenal, who had made Mudryk their number one target for the winter window.
The Gunners were pushing to conclude a deal, but Chelsea's offer is above the bid submitted by the North Londoners last week.