English Premier League champions Chelsea are planning to spend their way to retaining their title.

Real Madrid striker Alvaro Morata has reached an agreement with Chelsea and will move to the English Premier League champions for a fee reported to be 80 million euros, reports in the Spanish press claimed on Wednesday.

"He has reached an agreement with Chelsea and is right now looking for a flight to London," respected radio station Cadena Ser said on its website as it explained that the striker will be leaving the Madrid training camp in the United States as soon as he can.

Chelsea had tabled a 62 million (70m euros, $80m) bid for the 24-year-old last week but Madrid, according to the report, have agreed the sale for 80 million euros.

"Real Madrid will get 80 million euros for the sale, and the deal will be signed to make him a Stamford Bridge player," Cadena Ser said.

Madrid brought Morata back from a loan spell at Juventus a year ago, where he had operated under the now Chelsea boss Antonio Conte and flourished.

In the meantime, Costa is still at cross-roads regarding his future with preferred destination, Athletico Madrid banned from participating in the transfer market till January, 2018.