Chelsea striker Fernando Torres is to join AC Milan on a two-year loan deal.
The Spaniard's move is subject to him agreeing personal terms and passing a medical on Saturday.
The ex-Liverpool and Atletico Madrid forward joined Chelsea for a then-British record £50m in January 2011 but struggled to live up his price tag.
Torres scored just 20 goals in 110 league appearances during his spell at Stamford Bridge, but was part of the club's 2012 Champions League success.
Speaking just hours before the deal was announced, Chelsea boss Jose Mourinho said: "If he wants to leave, it's because he wants to try a new life, a new club, probably a new league. To try to be happier than he was in the last couple of years."
Torres's prospects were hampered further by the arrival of fellow Spain international Diego Costa from Atletico Madrid this summer.
Costa and Didier Drogba remain Chelsea's attacking options.
Milan have been on the lookout for another forward to replace Mario Ballotelli, who left the club for Liverpool last week.
Speaking on Milan's official website on Wednesday, Rossoneri vice-president Adriano Galliani said: "Torres is certainly an important forward and we will see if we can sign him or another player."
Torres's British record transfer fee stood until Angel Di Maria moved from Real Madrid to Manchester United for £59.7m this week.
While Chelsea fans only saw glimpses of the form that brought Torres 65 goals in 102 league appearances for previous club Liverpool, Mourinho spoke highly of him at Friday's news conference to preview Saturday's trip to Everton.
The Portuguese said he did not expect Torres to depart before the transfer window closed and was against a last-minute deal.
"If that happens in the last hour of the market, we are in trouble," said Mourinho. "In this moment we are doing nothing because our belief is that the market is closed for us.
"I've believed for a long time that the squad is closed. We have our squad. We like our squad. It's not the perfect one, because no squad is perfect, but it's one we like."
