Chelsea and Atlético Madrid are in advanced talks on a deal for Filipe Luis.
Chelsea has informed Atleti that they will pay the €25 million release clause in the 28-year-old left-back's contract.
Chelsea have money to spend following the combined €65m sales of Juan Mata and Kevin De Bruyne in January, and by off-loading David Luiz to Paris Saint-Germain for an initial €50m this summer.
Luis is seen as a worth successor to Ashley Cole.
José Mourinho had previously expressed interest in Luke Shaw, but found the cost exorbitant.