Chelsea are set to complete the signing of Malaga playmaker Isco, with Frank Lampard's agent confirming his client would leave the Blues at the end of the season.
Isco is one of the most wanted players in Europe at the moment, with the young Spaniard tipped to have a bright future both for club and country.
Chelsea have moved quickly to seal the signature of the 20-year-old for a reported fee of £15 million ($24 million), according to the Sunday People.
Isco has also been heavily linked with moves to Manchester City and Arsenal in the past with the youngster reportedly having a buyout clause of around £17 million ($27 million).
Malaga are in deep financial trouble with UEFA recently banning them from European competitions starting next season. However, the club have repeatedly said Isco is not for sale, with the player himself expressing his commitment to the club.
One thing that is obvious, though, is Malaga's need for immediate funds to reduce their debt. If they were to agree a deal for their star playmaker, it would seem Chelsea have completed quite a coup, similar to how Arsenal took advantage of Malaga's financial woes by swooping for Santi Cazorla in the summer.
It is unclear whether Isco, who recently won the prestigious Golden Boy trophy, will join Chelsea in the January transfer window or the summer, with competition for places already extremely high, with the likes of Juan Mata, Eden Hazard, Victor Moses, Oscar and Marko Marin vying for starting berths.
Meanwhile, Lampard's agent Steve Kutner confirmed the Chelsea legend was set to leave in the summer, after being told by the hierarchy he would not be offered a new contract.
Reports at the weekend suggested the Blues had made a U-turn due to fan pressure, and were ready to offer the 34-year-old a new contract, but now it seems like Lampard's illustrious career at Stamford Bridge will end in the summer.
"Chelsea executives told Frank in Japan during the Club World Cup then again reconfirmed with me after the Everton victory that in no circumstances will he be offered a new contract to stay at the club after the end of this season," Kutner told the Daily Mirror.
"Nothing since has changed in any respect.
"Frank has had to accept that and just wants to carry on playing football for Chelsea so as to finish the season as successfully as possible for the club that he loves."
Lampard, who is just nine goals short of Bobby Tambling's all-time Chelsea record, celebrated his 193rd goal for the Blues, in the 5-1 win over Southampton, by expressing his thanks to the travelling fans at St Mary's.
"Maybe I was a little bit emotional but the fans have been with me all the time I've been here," Lampard said about his celebration.
"I know there is a lot of talk going around but I am actually really enjoying playing and enjoying the moment.
"If certain things are going on in your head, when you run out and the fans support you the way they do, it can't help but make you a bit emotional.
"I just wanted to say 'thanks' back."
Lampard has been heavily linked with a move to L.A. Galaxy as David Beckham's replacement, while there is also reported interest from Manchester United and Arsenal.