The Brazilian left-back will return to Atletico Madrid after just one season with Chelsea.
Atletico Madrid have secured the return of Filipe Luis to the Vicente Calderon, according to Spanish outlet Marca, who report that a deal worth €16 million (£11.1m) has been agreed with Chelsea, with the 29-year-old set to pen a three-year contract.
Filipe Luis cost Chelsea around €22 million just one year ago when he moved to Stamford Bridge, but struggled to make the impact he was hoping for, with Spanish international Cesar Azpilicueta ahead of him in the pecking order at left-back.
During the 2014-15 campaign, Filipe Luis made a total of 26 appearances in all competitions, 20 of which were in the starting eleven. In comparison, Azpilicueta made 40 appearances for The Blues, of which all but two were in the starting eleven.
One of the reasons Chelsea have been willing to let Filipe Luis move on, according to a report by The Independent, is their planned move for Augsburg left-back Abdul Baba Rahman, who is seen as being the direct replacement for the Brazilian.
Meanwhile, the future of fellow Brazilian full-back Guilherme Siqueira is now in doubt at Atletico Madrid. He was signed from Granada as a direct replacement for Filipe Luis, and given the 'one in one out' way the Spanish club work in the transfer market, he could be departing over the coming days.
Interestingly, it's Inter Milan who lead the chase for Siqueira, according to Mundo Deportivo. The Italian club had also been weighing up an offer to Chelsea for Filipe Luis, but are now expected to agree a deal for the Atletico Madrid player instead.