Kai Havertz, a forward for Germany, has a contract with Arsenal worth over £65 million.
It is believed that the clubs have reached a preliminary understanding that will permit the player to talk about personal matters and undergo a physical.
Havertz scored nine goals in 47 games for the Blues last season, and his transfer fee might increase with add-ons.
Havertz, 24, moved from Bayer Leverkusen to Chelsea in 2020 for a transaction estimated to be worth £71 million.
He also provided Chelsea with the winning goal against Manchester City in the 2021 Champions League final.
As Mikel Arteta tries to improve his Arsenal squad after qualifying for the Champions League, Havertz will relocate across London.
Declan Rice, the West Ham captain, and England midfielder, is also a target for Arsenal, although a second offer of up to £90 million for the 24-year-old was turned down on Tuesday.
Chelsea, meantime, is looking to trim down its roster and has also reached an agreement with Manchester City for 29-year-old Croatian midfielder Mateo Kovacic to cost £30 million. N’Golo Kante, a 32-year-old midfielder who plays for France, has decided to join Saudi Arabia’s champions Al-Ittihad when his contract ends at the end of June.
The new Chelsea ownership wants to prevent players from entering the final two years of their contracts, and Havertz, whose contract expires in 2025, hasn’t agreed to one with the club.