The European champions have been chasing the Internacional star for several months, while Tottenham also wanted the 20-year-old.
Chelsea were said to have failed in a previous £20m bid for Oscar, but have now succeeded with an improved offer according to Sky Sports News.
A transfer could now be finalised, despite the playmaker's agent having previously claimed a move to Stamford Bridge was looking increasingly uncertain.
Oscar is expected to arrive in the United Kingdom on Tuesday with the Brazilian Olympic team.
The youngster, capped six times for his country, is regarded as one of the best young talents in Brazil.
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