Newcastle United have agreed a £55m fee with Nottingham Forest for Sweden winger Anthony Elanga.
Sources have told BBC Sport the deal could be completed this week.
Newcastle are seeking to strengthen their attacking options as they prepare for their return to the Champions League following a fifth-place Premier League finish last season.
The 23-year-old scored six goals and produced 11 assists for Nuno Espirito Santo's side during their successful 2024-25 Premier League season.
Newcastle have yet to pay a fee for a player this summer, with 18-year-old Spanish winger Antonio Cordero the only new arrival on a free transfer from Malaga.
Forest are believed to have paid £15m to sign Elanga from Manchester United on a five-year-deal in 2023.
He had arrived at Old Trafford at the age of 12 and made 55 appearances before moving to the City Ground.
Newcastle's pursuit of Elanga underlines just how far his stock has risen after a stellar campaign with Forest.
His statistical profile paints the picture of a player not just improving, but excelling in some of the most important attacking metrics.
The radar chart below, provided by Opta via FBref, shows Elanga ranking in the top percentiles among Premier League attacking midfielders and wingers across multiple categories.
Being in the 80th percentile for goal-creating actions means he outperforms 80% of similar players in that key attacking measure.
His high percentile for shots-on-target percentage also highlights not just an eye for goal but efficiency in making goalkeepers work. He doesn't waste chances.
Elanga's crossing output also sits near the top of the scale. Whereas none of Newcastle's wingers - Jacob Murphy, Harvey Barnes or Anthony Gordon - averages more than 4.85 crosses per 90 minutes, Elanga averages 6.65.
His progressive carries - how frequently he moves the ball towards goal - highlight his directness and willingness to take on defenders, which added dynamism to Forest's attack.
Even his goals-per-shot ratio reflects a sharpness in front of goal that is rare among wingers.
For Newcastle, these numbers represent everything they need: pace, efficiency, and creativity in the final third.
Elanga, who can play wide or centrally, fits the profile of a player who could unlock defences both at home and in Europe.
The attraction to Elanga for Newcastle is clear. Pace, skill and power from wide.
He's a player Eddie Howe has tracked for 12 months and now he's successfully got his man.
For the time being he will supplement the quality Newcastle already have in that area of the field with Gordon, Murphy and Barnes.
With Newcastle back in the Champions League next season, Howe needs quality options so he can rotate.
Elanga certainly provides that.
Whether Elanga's arrival indicates anything towards a departure out wide remains to be seen but the club have been adamant that none of their top players leave this summer.
Nick Mashiter, BBC Sport football news reporter
Nottingham Forest did not want to sell Elanga but every player has his price.
There was a desire to keep the winger at the City Ground this summer but with Newcastle prepared to pay £55m and meet Forest's asking price, the situation naturally changes.
Elanga did not push for a move but a club record sale is ultimately too good to refuse.
They kept him from the Magpies last season but this will be a £40m return after signing the Sweden international from Manchester United for around £15m just two years ago.
Former boss Steve Cooper was crucial to Elanga joining, he was poised to go to Everton but Cooper convinced the youngster the City Ground was the best option and that he would play and develop.
Boss Nuno Espirito Santo has previously spoken about the importance of keeping his squad together, one which eventually finished seventh in the Premier League to return the club to Europe for the first time since 1995-96.
Murillo, Chris Wood, Neco Williams and Ola Aina have signed new deals this year, along with Nuno himself, as Forest focus on building from a position of strength.
Yet winger Elanga is being allowed to leave despite being a crucial part of Forest's season and the way they play.
With Callum Hudson-Odoi, he carried threat from the flanks and helped Wood score 20 goals last term, Elanga scoring six goals and making 11 assists.
Those were the third most assists in the Premier League last season, behind Mohamed Salah [18] and Josh Murphy [12] - someone he could potentially be replacing at St James' Park.
Fellow winger Ramon Sosa is also being allowed to leave the City Ground, he is expected to join Palmeiras in Brazil, so Forest will be a little short in wide areas.
PSV's Johan Bakayoko is of long-term interest and scored 11 goals as PSV beat Ajax to the Eredivisie title on the final day but expect Forest to be surgical with their signings as they look to bulk up to prepare for Europe.