Reports from Spain claim that Chelsea have reached an agreement in principle with Valencia for the sale of hotly chased midfielder Juan Mata.
The deal is now reportedly subject to the player completing a medical, with the transfer fee touted to be around £23.5 million.
A statement on Chelsea's website read:
An agreement has been reached with Valencia CF for the transfer to Chelsea of midfielder Juan Manuel Mata.
The move is now subject to the player passing a medical and agreeing personal terms.
Mata has been at Valencia since 2007 and was captain for the Spain U-21 side that won the European U-21 Championship in the summer.
"He's a good player, a very good player. He's not our player but he's an interesting player. His curriculum speaks for itself. He's a player who scores and assists and he can add to any squad in the world."
Mata joined Valencia as a youngster from Real Madrid's youth team. Last season, the 23-year-old midfielder scored eight goals to help Valencia to a third-place finish in the Primera Liga.
This signing will come as bad news to Arsenal fans, who at one stage hoped that the Spanish international would be brought to the Emirates by Arsene Wenger.