Chelsea have reached an agreement with Palmeiras for 17-year-old winger Estêvão Willian, sources told ESPN.
The west London club has beaten off competition from some of Europe's biggest clubs to agree a deal that sources told ESPN is worth an initial €34 million ($37 million), with performance-related add-ons that could bring the total to a figure in the region of €67 million.
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The teenager is considered one of the best young talents in his native Brazil but, if the transfer goes through, the teenager will not join the club until 2025.
Chelsea have prioritized recruiting young talent since Todd Boehly and Clearlake Capital completed their takeover two years ago, and the club's new owners have invested more than £1 billion since then.
They have executed a number of deals with South American clubs over recent transfer windows. Andrey Santos and Kendry Páez signed for Chelsea last year, while Thiago Silva will leave the club to rejoin his former club, Fluminense, after the final match of the Premier League season on Sunday.
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Meanwhile, Chelsea will receive a bonus of around £5m as part of Eden Hazard's transfer to Real Madrid in 2019, despite the former Belgian winger retiring from football last October, a source has told ESPN. .
