Town left-back Tyrone Mings is understood to have agreed a four-year deal with Bournemouth after Town accepted their bid of £8 million, with Brett Pitman and winger Ryan Fraser both set to move in the opposite direction.
Mings has agreed the terms subject to a medical, having held talks with the Cherries this morning, after being given permission to speak to them yesterday.
The deal, which it's understood could potentially rise to £10 million after the usual milestone clauses and includes a sell-on, is expected to be confirmed on Friday.
While Bournemouth striker Pitman is, as reported earlier, expected to join the Blues in the next couple of days in what's a separate deal - a free transfer according to local media on the South coast - Scottish U19 and U21 international winger Fraser is also due to move to Town on loan for the season as part of the Mings move.
Fraser, 21, started his career with hometown club Aberdeen before joining the Cherries in a £400,000 deal in January 2013. Last season the 5ft 4in tall midfielder - who operates on either flank, primarily on the left - made 11 starts and 16 sub appearances, scoring two goals. He is contracted until the summer of 2016.
News that the Cherries were targeting Mings broke yesterday when SkyBet slashed the odds of the 22-year-old making the move to 1/6.
Mings was watched by most of the Premier League last season with the likes of Arsenal and Chelsea strongly linked.
Crystal Palace had a £3.5 million offer turned down last summer, while Newcastle were reported to have made an enquiry last week when they were said to have been quoted an initial fee of £8 million, rising to £10 million, again once further clauses were taken into account.
The Bath-born full-back joined the Blues from non-league Chippenham for a now-famous fee of £10,000 in December 2012.
Former U18s coach Russell Osman brought him to Portman Road for a trial on the recommendation of his son Toby, a team-mate of Mings, who had been released by Southampton as a schoolboy.
The one-time mortgage advisor made 49 starts and 15 sub appearances for the Blues, scoring once.
Town manager Mick McCarthy and owner Marcus Evans have both said that they are determined to keep hold of the Blues' key players this summer, however with the Blues' spending power again limited by the Championship’s Financial Fair Play rules, selling a player for a big fee will give McCarthy far greater scope as he looks to strengthen ahead of the 2015/16 campaign.
The Mings and Fraser and Pitman deals are likely to be completed on Friday, while Arsenal youngster Ainsley Maitland-Niles is also expected to have his season-long loan confirmed.