Atletico Madrid have announced that they are to sign Colombian striker Falcao for 40million euros (£34.7m) from Porto.
The highly-rated striker is regarded as one of Europe's deadliest marksmen, with his strike ratio in Portugal close to a goal every game.
In total he netted 73 times in just 88 appearances for Porto.
He was reported to be a target for Chelsea this summer, following the arrival of Andre Villas-Boas at Stamford Bridge.
The former Porto boss was expected to raid his former employers for their top stars, with Falcao believed to be top of his wish list.
No move materialised, though, and Atletico have pounced.
The deal to take the South American forward to Spain is understood to include an extra seven million euros (£6m) in add-ons.
A move is also subject to Falcao passing a medical and personal terms being agreed.
Atletico have been able to splash the cash after offloading Sergio Aguero to Manchester City.
That transfer brought in some 45million euros (£39.1m) and the Primera Liga giants have wasted little time in reinvesting that cash.