The 25-year-old Brazil midfielder is due in the Chinese city "in the coming days" to complete the signing, which was announced by both Shanghai SIPG and Chelsea.

"Shanghai SIPG has formally completed the transfer agreement of Brazil football player Oscar with Chelsea," the Chinese club said on its official social media account.

"Oscar will arrive in Shanghai in the coming days to officially join SIPG."

Oscar will become China's fifth Asian-record signing in less than a year as Chinese Super League clubs, encouraged by the football ambitions of President Xi Jinping, splash out on top players and coaches.

Chinese clubs broke the Asian record three times in just 10 days in the January-February transfer window, and moved it still higher when Brazil's Hulk joined SIPG for a reported 55 million euros in July.

Oscar will also become Chelsea's most lucrative sale, beating compatriot David Luiz's £50 million (58.7 million euros) move to Paris Saint Germain in 2014.

His transfer to China follows that of Chelsea's former Brazilian Ramires, who joined Jiangsu Suning for £20 million in January.

He has been a target of Shanghai's new manager Andre Villas-Boas since the Portuguese managed Tottenham Hotspur in the 2012/13 season, but opted to join Chelsea instead.