Chelsea have agreed a £54m deal with Wolves to sign Pedro Neto.
The deal, which was agreed on Friday, is broken up into an initial £51.4m payment plus £2.6m in add-ons.
The player is understood to be travelling to London for a medical. Neto has also been of interest to Tottenham this summer.
Neto had an excellent season for Wolves last season, scoring three goals and registering 11 assists in an injury-hit campaign which saw him miss three months of the season with two different hamstring blows.
The Portuguese winger, who has been capped 10 times by his country and was named in their Euro 2024 squad, is set to join Cole Palmer, Noni Madueke, Mykhailo Mudryk and Raheem Sterling as wide options ahead of the new season.
Neto would become Chelsea's ninth summer signing - with Kiernan Dewsbury-Hall, Filip Jorgensen, Omari Kellyman, Aaron Anselmino, Renato Veiga, Caleb Wiley, Marc Guiu and Tosin Adarabioyo adding to Enzo Maresca's squad for the new season.
The Blues are also set to sign Atletico Madrid striker Samu Omorodion in a £34.5m deal, with midfielder Conor Gallagher set to move in the opposite direction in a separate £36m transfer.