Despite the transfer window being closed, there is always transfer gossip doing the rounds in the papers and we’ll keep you up-to-date with the latest news during the coming months. Today, Chelsea close in on Wallace.

Chelsea are on the verge of completing the £4.5m signing of Brazilian right back Wallace from Fluminense, according to the Daily Mail.

As reported earlier in the week, The Blues already own a 40% stake in the highly-rated youngster and were handed first option on him when Deco joined Fluminese in 2010. The European champions have decided to take up the option to buy the 18-year-old outright and have agreed a £4.5m deal with the Brazilian outfit.

It had been suggested that Wallace would complete his move in January before being immediately loaned out to either Fluminense or Italian side Roma, however it seems that will no longer be the case.

The players agent, Frederico Moraes, confirmed that Chelsea are in the final stages of completing the deal but when it’s done, Wallace will remain at Stamford Bridge to compete for a place in Roberto Di Matteo’s first team.

‘There are very advanced negotiations with Chelsea and the signature is almost certain.’

‘If Wallace goes to Chelsea, he will be playing there,’ Moraes added. ‘I had contact with Roma and many other Italian clubs, but that was a long time ago.

‘I rule out the possibility of a loan [from Chelsea to Roma]. If he joins Chelsea he will play for the Blues.’

Moraes is quoted as saying in the Daily Mail

Read more Chelsea transfer news

With Branislav Ivanovic and Cesar Azpilicueta already vying for the right back spot at Stamford Bridge, it’s certainly going to be tough for the youngster to get first team football any time soon, so the highly-rated South American is likely to be seen as one for the future.

Do Chelsea need to be spending money on another youngster? Or should they be concentrating on buying more established names? Get involved in the comments section.

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