LONDON: Chelsea have reached an agreement to buy Spain international striker Alvaro Morata from Real Madrid for a reported 80 million euros ($92.2 million), the two clubs announced on Wednesday.
"Chelsea Football Club and Real Madrid have agreed terms for the transfer of Alvaro Morata to Stamford Bridge," Chelsea said on their club website.
"The move is now subject to him agreeing personal terms and passing a medical."
Madrid confirmed the news as well in a brief statement on their website.
"The club wishes to express its thanks for the dedication, professionalism and exemplary conduct displayed by the player over the years, spanning his time in our academy right through to his spell as a member of the first-team squad," the statement added.
Chelsea had reportedly tabled a £62 million (70 million euros, $80 million) bid for the 24-year-old last week but Madrid, according to Spanish radio station Cadena Ser, have agreed the sale for 80 million euros.
Morata is expected to leave Madrid's training camp in the United States as soon as possible.
British media reported last week that Chelsea had offered Morata a five-year contract at Stamford Bridge worth £150,000 a week.
Real exercised a buy-back clause to bring Morata back from Juventus a year ago. He scored 20 goals in 43 appearances last season as Real retained their Champions League crown while edging Barcelona to the Spanish title.
Morata had previously been linked with a move to Manchester United, but their reported interest ended after the signing of Romelu Lukaku from Everton.