Alvaro Morata will join Atletico Madrid on a permanent deal from Chelsea at the end of his current loan spell with the Spanish club.
The striker will remain on loan at the Wanda Metropolitano for the 2019-20 season before signing permanently for €65m (£58.3m) on July 1, 2020.
Morata scored six goals in 17 games last season while on loan in the Spanish capital and Atletico have now agreed a permanent deal for the 26-year-old.
The Spain international joined Chelsea from Real Madrid in 2017 for a then-club record of £58m but struggled to adapt to life in the Premier League, scoring 24 times in 72 appearances.
Only last month, Morata said Chelsea never "appreciated or loved him" which led to a lack of confidence.
A statement on Chelsea's website said."We would like to thank Alvaro for his contribution and wish him the best of luck for the future".
Morata himself tweeted, saying: "Happy. It's official. Now I will have time to return with work and goals all the effort of the club and the affection of the fans. Thank you!!!"
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