Spanish newspaper Marca say Chelsea have agreed to pay the Spaniard’s £72million release clause to take him to Stamford Bridge.
It smashes the world-record fee of £66.8million that Liverpool paid for Alisson, making Kepa the most expensive keeper on the planet.
Kepa, 23, will fly to London in a private jet tomorrow and train with Chelsea on Thursday.
He could then make his debut in Chelsea’s Premier League opener with Huddersfield Town on Saturday.
Spain international Kepa could be one of two signings announced by Chelsea today with Marca also claiming Real Madrid’s Mateo Kovacic has agreed a loan move.
It comes after the Croatian World Cup star refused to train with Los Blancos in a desperate attempt to force a move.
Marca say announcements on the pair are imminent.
Kepa’s arrival opens the door for Thibaut Courtois to move to Real Madrid – 24 hours after going AWOL.
Ironically, Real themselves almost signed Arrizabalaga for £17.5million in January – but the club backed out of a deal in order to pursue Courtois.
Belgium’s World Cup goalkeeper, who has made it clear to the club after rejecting a new contract that he wants to move to Spain, was due to return after holiday to training with Chelsea yesterday afternoon, where talks with new manager Maurizio Sarri were scheduled, but he did not turn up at the club’s Cobham HQ.
Courtois, 26, was also due to be at Chelsea’s Community Shield game against Manchester City on Sunday, which they lost 2-0, with the rest of the non-playing squad, but did not show up.
His two children both live in Madrid, where Courtois was sent on loan to Atletico shortly after joining Chelsea.
Real, who have been chasing Courtois for some time, have made a £35million offer and have been in talks with Chelsea transfer supremo Marina Granovskaia.
Chelsea felt that offer was too low, even though he has only one year of his contract left. Courtois’ agent Christophe Henrotay this week called for the club to let him go, but Sarri said he wanted face-to-face talks first.
Courtois, though, is still in Belgium and at the weekend was a guest at his first club KRC Genk.
It is not the first time he has gone missing to force a move. He did it at Genk in 2011 before his £9m move to Chelsea.
His Belgian team-mate Eden Hazard has, though, been told he will not be leaving in this window, despite Real’s interest in him.