Chelsea has agreed to sell Diego Costa to Atletico Madrid for $78.7 million.

Costa will sign a contract through June 2021 and will be Atletico's most expensive signing, with El Mundo reporting Atletico will pay €55 million (£48.5m), plus €10 million (£8.8 million) in variables, surpassing the €40 million they paid Porto for Radamel Falcao in the summer of 2011.

The total fee is around £58 million, which is the same price Chelsea paid Real Madrid for Alvaro Morata.

Atletico can officially register Costa on Jan. 1 when their transfer ban is lifted.