Benfica have confirmed they have accepted an offer from Real Madrid for wing-back Fabio Coentrao.
A fee of €30 million (£27 million) has been agreed between the two clubs, and a transfer is said to be close to completion ahead of a medical and personal terms being agreed.
Chelsea have been linked with the Portugal international following the arrival of new manager Andre Villas-Boas from Porto, but it seems the new Blues boss has lost out to his former mentor Jose Mourinho.
A statement from Benfica read: "Benfica announces that it has reached an initial agreement with Real Madrid for the permanent transfer of the player Fabio Coentrao for the value of 30million euros.
"We also announce that the transfer will be formalised once the player completes the medical tests which he will undertake, with the consent of Benfica, and agreement of the contract between the player and Real Madrid."
Coentrao has consistently stated his desire to join Los Blancos, saying last month: "Benfica is in my heart. They tried to make me stay, of course, but my decision is made. I have gratitude to Benfica, but Benfica also have to be grateful to me. I want to leave, to go to Real, above all else."