Alvaro Morata's move from Chelsea to Atletico Madrid is expected to be completed later on Monday, according to Sky in Italy.
It is understood the deal is a loan until the end of the season, with the La Liga side having the option to buy in the summer.
Morata's family arrived in Madrid on Sunday and he is expected to fly to the Spanish capital in the next 48 hours.
The 26-year-old could make his debut at the Wanda Metropolitano against Getafe on Saturday.
Morata's move comes as Chelsea close in on a deal to sign Gonzalo Higuain from AC Milan where he has been on loan from Juventus this season.
The 26-year-old has struggled for form this term, with Chelsea boss Maurizio Sarri preferring to deploy Eden Hazard in the 'false-nine' role ahead of both him and Olivier Giroud.
Morata joined Chelsea from Real Madrid on a five-year contract for a then-club-record £57m fee in July 2017.
The Spaniard's Blues career started well as he scored seven goals in his first eight games for the club.
However, he struggled for form throughout the rest of the season, finishing the campaign with 11 Premier League goals.
Morata has scored nine goals in all competitions for Chelsea this season but has not played since scoring twice in a 2-0 FA Cup win over Nottingham Forest on January 5.
Ironically, Morata will now join former Blues forward Diego Costa in the Spanish capital, whom he was signed to replace in west London.