Chelsea have reportedly reached an agreement to sign Benfica midfielder Enzo Fernandez in a British-record transfer deal.

The Blues have been linked with a move for the World Cup winner throughout the January transfer window, but a deal appeared to have broken down earlier this month as Benfica refused to budge on their asking price.

Chelsea revived their interest in the closing stages of the window, though, and numerous reports now claim that they have finally agreed terms with Benfica over the structure of the deal.

The Portuguese club were demanding that Fernandez's full £105.4m release clause be met by Chelsea, which created Financial Fair Play issues for the Blues considering their huge outlay on players already this season.

Reports had suggested that Chelsea wanted to spread the fee over six instalments in five years, whereas Benfica were keen for the full amount to be paid in no less than two years.

The two parties have now reached an agreement, though, with both clubs racing to get the documents signed and completed before the 11pm deadline.

Fernandez is already understood to have completed his medical and agreed personal terms on an eight-and-a-half-year contract to pave the way for the British-record deal to take place, should that paperwork be submitted in time.

The Argentina international will overtake Manchester City's Jack Grealish as the most expensive player ever signed by a British club if the deal goes through.

The signing would also take Chelsea's spend over the last two transfer windows to around £600m since Todd Boehly took over the club, including more than £300m in January alone.

Fernandez will become Chelsea's eighth signing of the January window, following Mykhaylo Mudryk, Benoit Badiashile, Noni Madueke, Malo Gusto, Andrey Santos, David Datro Fofana and Joao Felix through the door at Stamford Bridge. body check tags ::