Chelsea are set to complete the transfer of Fiorentina's Juan Cuadrado "within the next 48 hours" with Mohamed Salah potentially going the other way on loan, club sources have told ESPN FC.
Cuadrado, 26, signed a new contract including a buyout clause worth 27 million pounds (35 million euros) last summer, which Chelsea will have to match.
Sources told ESPN FC that the London club have not yet activated the clause but have reached agreement on personal terms with the Colombian winger.
Chelsea will pay around 23 million pounds up front, with the rest of the fee made up of bonus clauses.
But in order to meet that and continue to adhere to financial fair play regulations, they may let Andre Schurrle leave Stamford Bridge for Wolfsburg now rather than in the summer.
Last week, Jose Mourinho publicly denied that Cuadrado was "marked" for a signing in January, only to then talk about the transfer situation in the same evasive way he had when Fernando Torres and Juan Mata left Stamford Bridge in recent windows.
Mourinho is known to have been an admirer of Cuadrado since the World Cup.
The player's versatility on the wing offers Chelsea greater tactical variety and means central midfield is more covered than when they have a player like Schurrle or Willian in the side -- something that has been an issue in big games when Cesc Fabregas and Nemanja Matic play as a two.
However, the situation around bringing him in was always dependent on getting the right deals for Salah and Schurrle -- but that now looks to be the case.
Wolfsburg are understood to be optimistic about their chances of striking a deal for Schurrle for less than the 25 million pounds Chelsea want. Borussia Dortmund are also monitoring the situation.