Cole Palmer transfer latest as price 'agreed' between Man City & Chelsea

Manchester City youngster Cole Palmer is closing in on a move to Chelsea, according to reports.

The attacker, who came through the City youth ranks, admitted earlier this summer he could depart the Etihad this window, something even Pep Guardiola acknowledged was a possibility. As reported by the Guardian, Chelsea initially offered a fee of £35m for Palmer on Wednesday, which was rejected.

Yet, the clubs quickly came to a resolution with a price of £40m agreed, plus £5m in add-ons. Personal terms are not expected to be an issue between Chelsea and the player.

The Guardian add Mauricio Pochettino always wanted to add depth in the attacking areas following the injury to Christopher Nkunku, who could be out for several months. Palmer's ability to play in multiple attacking roles is said to have interested Chelsea, and the London club made a move for the England Under-21 international after their approach for Michael Olise fell through.

Meanwhile, Fabrizio Romano claimed via Twitter that Palmer will undergo a medical on Thursday.

The attacker's departure will be another significant exit in a summer where Aymeric Laporte, Ilkay Gundogan and Riyad Mahrez have moved on. Yet the Manchester Evening News report City do not plan to replace Palmer, nor will it prevent James McAtee from being allowed to leave on loan.

The young midfielder has attracted interest from several clubs in the Premier League and City are willing to let him leave, although that would only be on a loan move.

As for Palmer, the MEN state that Jeremy Doku's recent arrival from Rennes meant he was less certain of his playing time, and City felt they could not turn down a bid in the £45m region.

Palmer struggled for game time last season and started just twice in the league, both of which came after City had won the title. However, the 21-year-old has made more of an impact this term and scored the team's only goals in the Community Shield and European Super Cup finals.