The 19 year old, who currently has seven caps for the Brazilian U-20 side, is set to be sold to the Blues after his current club agreed to sell his economic rights to Giuliano Bertolucci and his agency, known to also represent Chelsea's current Brazilian stars Oscar, Willian and Ramires.
The youngster has been a part of Fluminense's first team, scoring most recently in the Brazilian side's 4-2 victory at home to Barra Mansa on March 29, and has started their last three games.
However, it is widely reported that the deal is in advanced stages and is being finalised with Fluminense's club president Peter Siemsen, initially revealed by Brazilian news site GloboEsporte.
Kenedy, 19, has also already met some of Chelsea's squad, playing with Lucas Piazon and Wallace - currently on loan at Eintracht Frankfurt and Vitesse respectively - whilst representing Brazil at youth level.
He has other ties to Chelsea too, and is currently being represented by ex-Chelsea, Fluminense and Portugal star Deco, who spent two years playing for the Blues.
Chelsea, who currently are favourites ahead of Barcelona, Manchester United and Juventus, have not officially confirmed interest but reports claim the deal could go through for €8m (£5.8m).
Arguably, the signing comes as a result of Didier Drogba's imminent departure from the Blues after an underwhelming second spell at Chelsea for the Ivorian.
Reports in the Telegraph emerged this week claiming that the 37-year-old, who signed for the Blues last summer for a second spell after two years away, with spells in Turkey and China, may have to play elsewhere to end his playing career, especially if Chelsea sign a new striker.
After being questioned about the striker's future, Chelsea manager Jose Mourinho claimed Drogba's future 'is to train and play against QPR', in reference to the West London derby on 12 April.
One for the future
However, the signing of Kenedy may not be a problem for the Ivorian as it is believed he will be loaned out upon signing to gain experience. However, with the likely return of Patrick Bamford, who has scored 17 goals in 33 appearances in his loan deal at Middlesbrough, it could be a while until the £6m star gets his first start for the club.