Chelsea FC and Shanghai SIPG have agreed terms for the departure of Oscar, the Brazilian midfielder, to the Chinese Super League club in the January transfer window
The transfer fee is estimated at £60 million (about N30 billion).
The 25-year-old Brazil international had said earlier this month the transfer was “90 per cent certain’’.
Oscar joined Chelsea from Internacional for £25 million (about N12.5bn) in 2012 and has scored 38 times in 203 appearances for the club.
He will complete his move “at the beginning of the January transfer window,” the English club said in a statement.
Oscar, who has struggled to get into Antonio Conte’s Chelsea side since October, will join former Blues manager Andre Villas-Boas in Shanghai.
The Chinese side confirmed Oscar “will arrive in Shanghai in the coming days to officially join SIPG.”
The player, who has won the Premier League, Europa League and League Cup during his four-and-a-half-year spell at Stamford Bridge, will earn a reported £400,000 (about N200m) a week.
The News Agency of Nigeria reports that the transfer fee will rank as the seventh-highest of all time.
Conte last week said the huge money being spent on players by Chinese clubs was a “danger for all teams in the world”.
Oscar’s move comes as former Manchester City forward Carlos Tevez is reportedly on the verge of becoming the world’s highest-paid footballer.
The former Argentina forward will be moving from Boca Juniors to Shanghai Shenhua, where he will earn £615,000 (about N307.5m) a week.
NAN reports that the transfer window opens on January 1.