The Blues have been chasing the young striker for most of the summer to bolster Enzo Maresca's attacking options.
Chelsea have agreed a deal to sign Samu Omorodion
Conor Gallagher will move the other way to Atletico Madrid
Omorodion, 20, scored nine goals in 35 LaLiga matches last season while on loan at Deportivo Alaves.
And The Athletic have now reported that the Spanish striker is on his way to Chelsea.
It is claimed the West Londoners have finally reached an agreement with Atletico with Omorodion set to sign an EIGHT-YEAR deal at Stamford Bridge.
Last season, Premier League clubs voted in an 'anti-Chelsea rule' to ban transfer fees being spread over the full duration of abnormally long contracts.
That means on the Blues' books, they can only amortise Omorodion's fee over a maximum of five years.
Heading in the other direction is Conor Gallagher, who is closing in on his move to Atletico.
It is stated that the England midfielder will travel to the Spanish capital ahead of his £36m transfer this week.
Gallagher, 24, will undergo his medical on Thursday before putting pen to paper on a five-year contract.
He becomes the eighth academy product to be sold by the club since their American owners took over two years ago.
The other players that have been cut include Billy Gilmour, Ruben Loftus-Cheek, Mason Mount, Callum Hudson-Odoi, Ian Maatsen, Omari Hutchinson and Lewis Hall out of the door — for around £200m combined.
Gallagher played an important role for Chelsea last season as he scored five goals and assisted seven more in 37 league appearances.
Atletico, meanwhile, will also push ahead to sign Manchester City star Julian Alvarez.
It was believed that there were some issues with the striker's personal terms, which could have scuppered a deal.
However, those issues have since been sorted and he could not seal his £81m transfer.
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