Chelsea have signed Enzo Fernandez for a British record £107million after agreeing a deal with Benfica late on deadline day.
The eye-watering swoop for Chelsea's No 1 January target headed into the last minutes of the transfer window as both clubs spent Tuesday locked in talks over the move for the Argentina international.
At one point, it looked as though Chelsea would fail to get the deal for 22-year-old over the line - but both parties finally made a breakthrough just minutes before the 11pm deadline. Fernandez will sign an eight-and-a-half year deal through to June 2031.
Benfica confirmed the move in a statement in the early hours of Wednesday morning after the clubs completed the necessary paperwork prior to the deadline.
Chelsea's co-controlling owner Behdad Eghbali - who also sanctioned Jorginho's move to Arsenal on Tuesday - led negotiations for the World Cup winner with Benfica from London.
Sources had earlier indicated that Chelsea could fall just short and were ready to turn their attention to completing a summer move for Fernandez because sealing a deal for this season was proving too difficult.
But Tuesday night's agreement was met with huge relief given the club's determination to complete the move in January.
It is understood the biggest hurdle the Londoners were trying to overcome was agreeing a payment plan for the record fee with Benfica.
Chelsea wanted to pay in six instalments, including one larger up-front payment.
Benfica, however, originally wanted Chelsea to pay Fernandez's £105m release clause in one go. Talks on Tuesday were primarily aimed at negotiating that obstacle, with Chelsea offering to reduce the number of instalments.
It is believed Benfica were willing to accept a payment structure of three instalments over two years and eventually a middle ground was reached. Fernandez had always been open to a move, but has decided to stay out of talks out of respect to Benfica.
Despite the delay, Chelsea made preparations for his medical in Portugal and organised a private jet to fly him to England. He is due to board the flight on Wednesday morning after completing the relevant paperwork.
Benfica left the 22-year-old out of their squad to face Arouca on Tuesday and he also missed training on Monday. Personal terms are already agreed.
On a seismic day for the Stamford Bridge club, the Blues also sold Jorginho to Arsenal in a deal worth up to £12million. The Gunners turned to the Italian on Monday after conceding defeat in their bid to sign Moises Caicedo from Brighton.
They will pay an initial fee of £10million for the midfielder, who has signed an 18-month deal with an option for further year.
On manager Mikel Arteta's role in him joining the Gunners, Jorginho said: 'He tried a few times to get me before and it did not happen due to other reasons, not because of my wishes. So, of course, he had a big influence.'