The Golden Glove victor will then undergo medicals on Thursday and will be presented as a Real Madrid player at 1:00 PM local time.
His arrival could pave the way for Tiemoue Bakayoko to leave Chelsea, with reports in Italy claiming that AC Milan are interested in taking him on a season-long loan with an option to buy next summer.
Chelsea have informed Athletic Bilbao goalkeeper Kepa Arrizabalaga that they are prepared to pay his €80 million (£71.5m) buyout clause with the player set to make a decision about his future in the coming hours, sources have told ESPN FC.
Real Madrid will now likely get on with their bid to get Thibaut Courtois into the club, with the Belgian missing the first two days of training deliberately in a bid to force through a move back to Madrid where his family are based.
The Croatia global revealed during the World Cup that he would seek a move away from the Bernabeu this summer as more than half of his appearances over the past three seasons have come from the bench.
But, despite the 23-year-old - third-choice goalkeeper behind David de Gea and Pepe Reina in Spain's 2018 World Cup squad - emerging as one of the top talents in La Liga, it is at Chelsea where he will be expected to truly flourish.
The fee is a world record for a goalkeeper, surpassing the £65m paid by Liverpool to Roma for Brazil goalkeeper Alisson Becker last month.
Madrid's starting goalkeeper has been Keylor Navas, who helped the club win the last three Champions League titles.
Courtois' intentions were concrete - Real Madrid are the only he side he wishes to play for, and to prepare for life without him Chelsea have deemed Kepa to be the only suitable replacement. The midfielder will join Jorginho in Chelsea's midfield who joined the Blues from Napoli.