The agreement was reached on Friday, sources can confirm.
The Leicester City player will now, have to wait for both clubs to agree a deal for the transfer to be complete.
It has, also, been confirmed that Leicester are now open to selling the player for a fee close to £80million.
The transfer is deemed “very close” as Leicester are reportedly already lining up possible replacements if the deal pulls through.
Fofana has been a target for Chelsea, who look to booster their defensive ranks haven seen Rudiger, Christensen and, potentially, Alonso, leaving the club.
The player is also delighted with the transfer as the deal now seem beneficial to all involved.