Chelsea have agreed a £54m deal with Wolves to sign Pedro Neto.
The deal, which was agreed on Friday, is broken up into an initial £51.4m payment plus £2.6m in add-ons.
The player is understood to be travelling to London for a medical. Neto has also been of interest to Tottenham this summer.
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With three goals and 11 assists, Neto showed some excellent form for Wolves last season, despite suffering two different hamstring blows in an injury-hit campaign which saw him miss three months of action.
The Portuguese winger, who has been capped 10 times by his country and was named in their Euro 2024 squad, is set to join Cole Palmer, Noni Madueke, Mykhailo Mudryk and Raheem Sterling as wide options ahead of the new season.
Neto would become Chelsea's ninth summer signing - with Kiernan Dewsbury-Hall, Filip Jorgensen, Omari Kellyman, Aaron Anselmino, Renato Veiga, Caleb Wiley, Marc Guiu and Tosin Adarabioyo adding to Enzo Maresca's squad for the new season.
The Blues are also set to sign Atletico Madrid striker Samu Omorodion in a £34.5m deal, with midfielder Conor Gallagher set to move in the opposite direction in a separate £36m transfer.
Chelsea have also held an interest in Celtic midfielder Matt O'Riley as a potential replacement for Gallagher.
Why are Chelsea going for Neto?
Sky Sports' Sam Blitz:
If Maresca is going to build his Chelsea team in a similar mould to Pep Guardiola at Man City and Mikel Arteta at Arsenal, then Neto is a must-buy.
Both Guardiola and Arteta rely on "one-on-one explorers" down the flanks - Bukayo Saka, Jeremy Doku, Gabriel Martinelli and Jack Grealish spring to mind - and even over an injury-hit spell at Wolves, Neto has proven to be one of the best-attacking wingers in the Premier League in individual running battles.
Last season, Gary O'Neil took the shackles off Neto. "Don't turn it down, let's go every single time. Don't care if you lose it, test him. Let's go," said O'Neil last season when asked about his individual instructions to the Portuguese winger.
And Neto obliged. The 24-year-old was constantly involved in one-on-one battles last season but most crucially, there was end product too. Only Kevin De Bruyne averaged more assists per 90 minutes than Neto, who has the luxury of being equally effective on either flank.
With Mudryk, Madueke and Sterling also capable of one-on-one effectiveness, Chelsea look like they have an array of wingers to complement the aggressive style of play Maresca wants.
Miserable pre-season and 44 players - Maresca's problems stack up
The approach of a new Premier League season often brings hope, optimism and excitement. But in Chelsea's case, is it already time to worry?
It may only be pre-season but just one win from their five friendlies in the USA will not have been the start Maresca, preparing for his first campaign as a top-flight head coach, was searching for.
The Italian named strong sides in those games yet saw his new team concede 12 goals. The visit of Inter Milan - the runaway Serie A winners last season - in Chelsea's final pre-season match on Sunday is a daunting prospect.
After guiding Leicester to the Championship title in his only full season as a head coach, Maresca has been thrown into the deep end at Stamford Bridge.
The performances have been as disappointing as the results, with Chelsea's haphazard attempts to build play from the back contributing to a number of their opponents' goals.
Off the pitch, Maresca had to reintegrate Enzo Fernandez into Chelsea's dressing room following the racist video he posted on social media, while fans' favourite Gallagher is headed for the exit door as the Blues' sporting directors continue their youth-orientated overhaul of the squad.
Yet another busy summer means Chelsea's own website lists 44 players among their first-team squad. But if Maresca is hoping for some respite after a tumultuous pre-season, he'll be disappointed - Manchester City are the opponents for their Premier League opener, live on Sky Sports on August 18.
But who will be part of the squad to face the champions? Sky Sports tries to provide some clarity - and you can cast your vote too...
Read Joe Shread's full feature and have your say on the Chelsea squad here.
When does the summer transfer window open and close?
The 2024 summer transfer window officially closes on August 30 at 11pm UK time in the Premier League and 11.30pm in Scotland.
The Premier League has brought forward Deadline Day to link up with the other major leagues in Europe. The closing dates were set following discussions with the leagues in England, Germany, Italy, Spain and France.