We've known that Chelsea FC had partial ownership of Wallace's rights for just over a year and a half, but today the club has announced that they have secured the remaining portion of his rights from Fluminense. The rumored fee is around £6 million, meaning the Brazilian club valued the teenager at about £10 million total.
Chelsea will need to wait until January 1 before making the deal official, as the transfer window is not currently open in England. They have not yet announced whether or not Wallace will be joining the club in London or heading out on loan, but I'd assume that will be largely dependent on whether or not he is granted a work permit to play in England. I'd imagine we'll know shortly after the window opens whether or not he's been granted one.
Wallace immediately enters any discussion of the clubs top prospects, which is really saying something with the depth we currently have below the first team level. He'll be playing for the Brazil U20 side this winter in the South American championships, and will likely continue to start for the side in the FIFA U20 championships this summer. For those unaware, that was the tournament where Oscar burst onto the international scene.
Welcome to Chelsea Wallace, we're all very excited to have you.