After spending a British record £50m on Fernando Torres in January, Chelsea are set to smash another transfer record with the biggest fee for a 14-year-old in history.
Midfielder Ojo is also a England Under-16 international - and the paper claims that Chelsea moved for him in the middle of a cameo the youngster made for the national side against Northern Ireland in midweek.
Ojo came on at half-time in that game, and within two minutes he laid on an assist for Mason Bennett to help England to a 3-1 victory.
With the midfielder being watched by scouts from every other top club, Chelsea felt compelled to make an immediate offer, lodging three bids before the end of the match.
Ojo's club MK Dons are believed to have agreed to the third of those offers, worth an initial £1.5m and potentially worth an extra £500,000 in add-ons.
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