According to report saying that Paez has being tracked by Manchester United, Manchester City and Bundesliga club Bayer Leverkusen, while Real Madrid were also previously linked.
The Independiente del Valle wonderkid midfielder is thought to be one of the best young talents in South America and will be able to join the Blues when he turns 18.
Paez scored on his first-team debut for the club earlier this season having been integrated into the senior squad ahead of the 2022-23 campaign.
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He has already impressed at international level for Ecuador U17s and according to Sky Sports, he will cost Chelsea £20m.
He is set to become the latest teenager to be snapped up by the west London club – following Andrey Santos and Malo Gusto – who were recruited in January.
The Blues have already spent over £600m on new players since co-owner Todd Boehly replaced Roman Abramovich in the summer.
It has been a tough season for Chelsea and head coach Graham Potter is under immense pressure with the side 11th in the Premier League table and having won just three top-flight games in 2023.
Defender Reece James, though, feels Chelsea can become ‘one of the best teams in the world’ once their new stars have settled in.
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