Chelsea look set to sign Oscar after agreeing a fee with Internacional.
Chelsea's interest in Oscar was confirmed by Internacional earlier this month following reports suggesting the Blues were confident of wrapping up a deal for the midfielder.
Oscar at the weekend confirmed he has had a medical with the Blues, but insisted he would not make a decision on whether to complete his move to Stamford Bridge until after the London 2012 Olympics.
A move appears to be close, however, with Internacional president Giovanni Luigi claiming a verbal agreement had been reached.
Speaking to Radio Guiaba, Luigi said: "There is a verbal agreement between the two parties.
"But we have to put that on paper and the lawyer of both clubs have to discuss the matter."
Reports in South America have suggested that Chelsea will pay £25million for the 20-year-old who impressed for Brazil on Friday night against Team GB at Middlesbrough's Riverside Stadium.
Oscar revealed after the game that he had undergone medical tests, but stressed that was yet to sign a contract with Roberto Di Matteo's side.
Speaking through an interpreter, the playmaker said: "I only had a meeting with the doctor, nothing else.
"I didn't sign any contract yet and I will wait until the end of the Olympic games to decide my future.
"All Brazilian players have this dream. I have, like everybody the dream to play in Europe and the Premier League."
He also insisted that his focus right now was the Olympics.
"It is like a dream for me, participating in the Olympics, it's so important for my career and I hope to win the gold medal here," he added.
"It was a good result tonight but we also have to improve and grow during the competition to reach the final.
"I am enjoying, it is not a pressure, I am focussed on the Olympics but want to show the British fans that I can play well here.".
Oscar's arrival would take Chelsea's summer spending up to around £65m following the recent arrivals of Marko Marin and Eden Hazard.