Per the report, both clubs have settled on fee in the region of £55 million plus add ons, with the Blues now discussing personal terms with the 25-year-old.
Raphinha becomes the second attacker edging closer to a switch to Chelsea, who are also in talks with Manchester City star Raheem Sterling.
The departure of Romelu Lukaku has paved the way for new faces at the attacking end of the pitch, where the Blues struggled to impose themselves last season.
Of the 76 goals scored by Chelsea during the just-concluded Premier League campaign, the front three of Lukaku, Kai Havertz and Timo Werner accounted for only 20 — a little above 26% of their league tally.
With the backing of new owner Todd Boehly, Thomas Tuchel now looks set to revamp his attacking options, with the likes of Sterling, Raphinha and Richarlison linked to the London club.
Raphinha has caught the eye across Europe with a string of sensational displays since arriving at Leeds in a £17m deal from Stade Rennes back in 2020.
The Spanish giants were leading the race to land the 25-year-old, but their current financial situation means they cannot afford him, while the Gunners saw their offer rebuffed after failing to match Leeds’ valuation.
Raphinha has been a mainstay at Elland Road during his two-year stint with the Peacocks, scoring 17 goals and providing 12 assists in 65 appearances across all competitions.
He will be Chelsea’s first major foray in the Premier League’s summer transfer window, with key signings needed both in defence and attack.
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