Chelsea have agreed a deal with Wolves to sign long-term Arsenal target Pedro Neto as their summer spending spree continues.
The Athletic report that an initial fee of £51.4m has been agreed, with £2.57m in bonuses to come if the Portuguese winger meets targets.
The 24-year-old has agreed a salary with the west London club and a medical is due in the near future with the deal all but finalised.
The Portugal international has been at Wolves since 2019 when he signed from Braga, scoring 14 goals in 135 appearances across all competitions.
Neto has long been linked with a move away from Molineux, with Arsenal heavily linked and Manchester City touted as a possible destination for him.
However, Chelsea have won the race for his signature as they keep spending big during the current transfer window.
The winger will join Omari Kellyman, Tosin Adarabioyo, Marc Guiu, Kiernan Dewsbury-Hall, Renato Viega, Caleb Wiley, Aaron Anselmino and Filip Jorgensen in moving to Stamford Bridge this summer.
Wolves boss Gary O'Neil will be very disappointed to lose Neto, although won't be surprised after a lot of speculation over a move.
Speaking earlier this summer, O'Neil said: 'Pedro's really happy at the club and, if nothing happens for him in the summer and there's no big offers or big clubs coming in for him, he's more than committed to cracking on and showing everyone how good he is next season in a Wolves shirt,' he said earlier in the month.
'I understand the noise because of how good he is and the potential value he has, but there's none of that from Pedro. He's just focused on being as good as he can be.'
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