Chelsea have formally announced that they have agreed a deal to sign Independiente del Valle youngster Kendry Paez.

For a number of months, it has been claimed that the Blues have been holding discussions with the Ecuadorian side regarding a future transfer.

FIFA regulations state that a player younger than 18 years of age cannot formally make the switch away to another continent before that age.

In the case of Paez, he only turned 16 last month, yet Chelsea have been determined to beat a number of rivals to the signatures of a prospect deemed to be one of the most-sought-after in world football.

Such is Paez's stock in his homeland that he has already been provided with 428 minutes of senior football for Independiente del Valle this season.

On his league debut, the starlet netted in a 3-1 victory over Mushuc Runa SC, helping establishing him in the senior ranks either side of call-ups to the national setup.

The playmaker has recently been participating at the Under-20 World Cup, contributing one goal and three assists across four appearances before Ecuador were eliminated by South Korea in the last 16.

While Chelsea have not revealed any details regarding a fee or length of contract, transfer expert Fabrizio Romano says that the Premier League giants have agreed to pay in the region of €20m (£17.3m) including add-ons.

Paez will remain at Independiente del Valle for another two years, not being eligible to make the transfer to Chelsea until 2025.