Stamford Bridge shot-stopper will move to Estadio Vicente Calderón.
Chelsea’s new goalkeeper Thibaut Courtois will join Atletico Madrid on-loan for the whole of next season.
The 19-year-old is undergoing a medical at the Vicente Calderon stadium before joining up with his new team-mates for training on Sunday.
The Belgian goalkeeper will compete with Joel Robles and Sergio Asenjo to replace Dabid de Gea, who joined Manchester United for £18million last month.
Courtois only joined the Blues last Monday in an £8million deal from Racing Genk.
He was voted Genk’s player of the year last season as they won the national title, and was also named Belgian goalkeeper of the year.
He made his league debut for Genk in April 2009, aged just 16.
Meanwhile fellow Belgian, Romelu Lukaku, is unlikely to be making an £18million move tyo Stamford Bridge this summer.
Chelsea boss Andre Villas-Boas is satisfied with the number of strikers at his disposal and cannot find room for the 18-year-old in his squad.
“Lukaku had a magnificent season in Belgium,” he said.
“We have plenty of availability in terms of forwards who can play in different positions – with (Nicolas) Anelka, with (Salomon) Kalou, Didier, Torres and (Daniel) Sturridge.
“This is the reality at the moment of our squad. We need to find the correct balance and this is why pre-season is important.
“On that decision, to bring in another forward, at the moment I don’t think we will.”