The deal will cost the Blues around €16 million, and the medicals are scheduled for Wednesday for the highly-rated Serbian keeper, who will pen a seven-year contract until 2030.
A shot-stopper has been a pressing need for the Blues this summer following the departures of Edouard Mendy and Kepa Arrizabalaga, with the latter moving to Real Madrid on a season-long loan.
Robert Sanchez, the new recruit from Brighton & Hove Albion, has become the main man between the sticks under Mauricio Pochettino this season, but the back-up options are thin.
Apart from being a top-class addition to enhance the goalkeeping depth, Petrovic has been viewed as a player who can provide competition for Sanchez.
Moving from Cukaricki last summer, the 23-year-old has grown into one of the most impressive talents in MLS.
He has recorded 15 clean sheets in 48 appearances for New England Revolution.
A move to Stamford Bridge will also help Petrovic gain a prominent role with the Serbian national team, potentially challenging Vanja Milinkovic-Savic for the starting position.
The Blues have previously raided MLS for Gabriel Slonina – who is currently on loan at Eupen – and they will be hoping that a deal for Petrovic is productive.
Pochettino is already under intense scrutiny after the draw against Liverpool and the heavy defeat against West Ham United.
The Argentine manager will look to open his account against newly-promoted Luton Town in the Premier League this weekend.
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