Town and Chelsea are understood to have agreed the deal which will see Omari Hutchinson return to Portman Road on a permanent basis.
News that the clubs were in negotiations regarding last season’s star loanee first emerged last night but with the move evidently having progressed further than it initially appeared.
Now, as per a number of media outlets, an agreement regarding a deal has been reached with TWTD sources indicating the same. According to The Athletic, the fee is an initial £20 million plus another £2.5 million in top-ups plus a sell-on of 25 per cent.
There is no buyback but it's understood matching rights are guaranteed when it comes to a future sale, although with the decision ultimately up to the player. The forward’s previous club Arsenal will receive a sell-on of 15-20 per cent of the fee.
The fee smashes Town’s previous record, the £4.8 million paid to Sampdoria for Matteo Sereni in the summer of 2001.
Personal terms are also believed to have been agreed with the Hutchinson, however, no announcement is expected this evening with the deal still subject to a medical.
Chelsea are understood to have been keen to get the move over the line before the end of the month, having been widely reported to need to make player sales in order to comply with Premier League Profitability and Sustainability Rules (PSR).
Jamaica international Hutchinson made a huge impression on loan as Town won promotion to the Premier League last season, winning the club’s Young Player of the Year award after netting 11 times and picking up six assists in his first senior season.
Town manager Kieran McKenna made no secret of his desire to bring Hutchinson back to Portman Road, joking that he’d like him to be CEO Mark Ashton’s birthday present to him at the End-of-Season Dinner in May.
Supporters will be equally delighted with Hutchinson having become a big fans’ favourite during his loan spell.
Town are also close to announcing the addition of former West Ham right-back Ben Johnson on a free transfer.
The 24-year-old is believed to have agreed a four-year deal at Portman Road with his move expected to be rubber-stamped early next week once his Hammers contract is up.