Chelsea have confirmed they have agreed a fee with Real Madrid for defender Ricardo Carvalho.
The move will see Carvalho reunited with former Blues boss Jose Mourinho after working with the defender at Stamford Bridge and Porto.
The 32-year-old's future at Stamford Bridge has been the subject of speculation for some time with Carvalho revealing earlier this summer he would jump at the chance of moving to El Santiago Bernabeu.
The Portugal international will now travel to Spain to hold talks and undergo a medical at the Spanish giants before signing a two-year deal.
"Chelsea Football Club can confirm it has agreed terms with Real Madrid for the transfer of Ricardo Carvalho," a Chelsea statement read.
"The transfer is subject to a medical and the player agreeing personal terms.
"Chelsea would like to thank Riccy for his six years of service, and we wish him well in his future career."
A Madrid statement read: "Real Madrid CF and FC Chelsea have reached an agreement for the transfer of Ricardo Carvalho.
"The player will be linked to Real Madrid CF the next two seasons."
The Portuguese centre-back was brought to Chelsea alongside Mourinho from Porto in 2004 after he took over at Stamford Bridge and went on to become a mainstay alongside John Terry in defence helping the Blues will three Premier League titles during his time at Stamford Bridge.
Chelsea have now decided to let Carvalho move on and it will fuel speculation that Blues boss Carlo Ancelotti has lined up a replacement for Carvalho with Benfica's David Luiz strongly linked with a move to West London.