According to the press service of the English club, the contract with the 22-year-old Ukrainian is valid until the summer of 2030.
The midfielder is expected to be officially unveiled at Stamford Bridge in London on January 15, according to a source.
Mudryk has scored ten goals and provided eight assists in 24 games across all competitions this season.
The media reported that the total amount of the transfer will be €110 million, including bonuses.
Previously, Mudryk admitted that he would win the Golden Ball in the future.