Chelsea have confirmed that they have reached an agreement with Atletico Madrid for the transfer of Filipe Luis.
As reported by the Premier League club's official website, the move - which some sources have suggested is in the region of approximately £20 million - is still subject to the Brazilian full-back agreeing personal terms at Stamford Bridge.
Presuming the latter point is merely a formality at this stage, such an announcement brings to a close one of this summer's longer-running transfer sagas, with Chelsea having been eager to sign Luis for several weeks now.
Atletico's understandable reluctance to part with another of their most-prized assets following the sale of Diego Costa - who also joined Chelsea last month - and resolve not to lose Luis for a penny under his release clause appeared to make things initially very difficult, with it even being suggested at one stage that the player himself could have to pay out of his own pocket to make the move happen.
Chelsea manager Jose Mourinho's obvious desire to bolster his backline with the addition of a new left-back makes perfect sense, with Ashley Cole's eight-year stint at the club having been brought to and end this summer following the expiration of his contract.
Cole - who has since agreed a deal to join Serie A runners-up Roma - enjoyed tremendous success during his time in West London, yet found himself confined to the substitutes' bench for much of the final few months of the 2013/14 campaign as Mourinho instead opted to deploy Cesar Azpilicueta in a starting role.
But with Spanish international Azpilicueta far more suited to playing on the right-hand side of defence and Mourinho unlikely to promote Cole's understudy Ryan Bertrand to the first-team on a permanent basis, the pursuit of Luis seemed to become somewhat of a priority for Chelsea.
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Having proved instrumental to Atletico's surprise La Liga triumph and run to the final of the Champions League, Luis is a proven performer at the elite level and should have no problem adapting to life in English football.
However, with Luis known more for his attacking prowess than his defensive solidity, he may not prove quite as influential as former England stalwart Cole in his Chelsea heyday.
Atletico have also taken to their official website to confirm the agreement for Luis, the latest departure of what continues to be an inevitably difficult summer at the Vicente Calderon.
Chelsea fans, what do you make of this agreement? Is Luis the right man to replace Cole on a long-term basis? Let us know your thoughts in the comment box provided below.