Chelsea have agreed a deal to sign 15-year-old Billy Gilmour from Rangers this summer.
The teenage midfielder is considered one of the brightest young prospects in Scottish football and had a number of Premier League clubs chasing his signature.
However, Chelsea have now won the race for the youngster, taking him to Stamford Bridge for a "significant sum" - thought to be £500,000 - which could rise through performance-related bonuses.
"Rangers can confirm that agreement has been reached for our under-16 player Billy Gilmour to join Chelsea in the summer. The club's preference would have been for Billy to stay at Rangers but when he made clear his desire to move to the Premier League it was important that we maximised the commercial value for him. We believe we have done this," read a statement on the Scottish club's website.
"The agreement will provide Rangers with a significant sum for a young player who has yet to play first-team football, and further significant amounts could be due based on milestones being reached. We are pleased with this outcome and believe this deal represents good value for Rangers.
"That he was sought after by many Premiership clubs, and indeed a number of the largest clubs in Europe, further demonstrates the quality of player now being produced by the Academy. Everyone at Rangers wishes Billy well for his future."
Gilmour will join up with Chelsea's youth teams ahead of the 2017-18 campaign - a season which the club will go into as Premier League champions if they beat West Bromwich Albion on Friday night.
