Chelsea and Real Madrid have agreed upon a $45 million transfer of Thibaut Courtois.
Mateo Kovacic will also join Chelsea on a season-long loan as part of the deal.
Chelsea have already moved to replace Courtois, activating the €80m (£71.5m) buyout clause in the contract of Athletic Bilbao goalkeeper Kepa Arrizabalaga, making him the world's most expensive goalkeeper.
Real Madrid said Courtois will sign a six-year contract at the Santiago Bernabeu, where he will face competition from incumbent Keylor Navas for the No. 1 spot.
Courtois wanted a return to Madrid to spend more time with his two children.