Chelsea have agreed a £6.6 million fee with West Ham United for England international Joe Cole.
The 21-year-old looks set to follow former Hammers team-mate Glen Johnson from Upton Park to Stamford Bridge, subject to passing a medical and agreeing personal terms.
Club owner Roman Abramovich will take his spending past the £40 million mark if Cole joins the London club.
A statement from West Ham confirmed they had agreed a fee with Chelsea after Cole made it clear he was unlikely to extend his contract with the club.
The statement read: ". . .this transfer is still subject to the player agreeing personal terms and completing a medical.
"Everyone at the club is extremely sorry to see Joe leave Upton Park but wish him the very best of luck at his new club.
"Following 18 months of very amicable discussions between Joe, the club, his father and his agents, it was made clear that Joe would not consider extending his contract past its expiry at the end of the coming season, believing that his international career would be enhanced by regular European club competition experience.
". . .the priority now will be bringing players in to strengthen the squad ahead of the forthcoming season."