While the transfer is still yet to be finalised, all indications suggest that Oscar is ready to trade Stamford Bridge for the Far East from 2017 onwards.
The Brazil international has been only an intermittent performer for Chelsea since moving in 2014, but he has done enough to convince Shanghai SIPG of his talents.
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He is set to receive a lucrative package from the Chinese Super League team, and could well become the latest big name to join the exciting new venture in the burgeoning football hotspot.
But when will he be packing his bags? And just why are some of the world's most promising stars so keen to try their luck in a place that until recently was rarely associated with the 'Beautiful Game'?
WHEN CAN OSCAR COMPLETE HIS TRANSFER?
Assuming that talks with the playmaker and Chelsea stay on course, Oscar may have just two weeks left in west London. The Chinese transfer window opens on January 1, just like its equivalent in Europe, and that date would appear set to usher in a great deal of activity in the market. But while in most countries the window slams shut at the end of the month, Super League clubs will have until February 28 to complete their deals ahead of the new season.
The Blues saw off interest in their Brazilian from Jiangsu Suning last February, but with the player himself pushing for an exit that would make him one of the highest-paid players in the world, if not the highest, they may well settle on a €60 million deal that would represent a healthy return on the fee paid to Internacional two years ago for Oscar's services.
WHAT'S IN IT FOR OSCAR?
In a nutshell, almost unimaginable riches. Oscar has reportedly been offered £20 million a year - after tax - to sign for Shanghai SIPG, a figure that works out to nett earnings of just under £400,000 a week from salary alone, wages that could tempt almost any player in the world.
Nor would the playmaker be completely alone in the Chinese metropolis. Compatriot and colleague in the Brazil national team, Hulk, also stars for SIPG alongside fellow Brazilian Elkeson.
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Finally, Brazil coach Tite has made it clear that he does not see participation in the Superleague as a factor that would exclude players from the national team. The likes of Renato Augusto and Paulinho have both featured for the Selecao, meaning Oscar's international career does not necessarily have to come to a halt should he choose the Far East.
WHO ELSE COULD JOIN HIM?
There is no doubt that, just like in 2016, much of January's transfer activity will be pushed by events in China. Oscar is likely to be just one of many high-profile stars who choose the Super League in 2017.
Both Shanghai SIPG and Shenhua have a keen eye on South America. As well as Oscar, the former have been linked to a bid for his Chelsea team-mate Jon Obi Mikel, who is reportedly unsettled at Stamford Bridge. Shenhua, meanwhile, are on the verge of closing a move for Racing Club's highly rated Paraguay international Oscar Romero, who will play for a year in Europe before taking over from Giovanni Moreno as the club's No. 10 in 2018.
The jewel in the crown for Shenhua, however, is Carlos Tevez. The Boca Juniors star is waiting for the Argentine Primera Division to enter its summer break before making a formal decision, but a year-long switch to China is at this point very possible.
And who says Lionel Messi could not one day join the exodus? The Barcelona wizard has been linked with a move worth a staggering half a billion euros over five years, in an effort to derail contract talks currently ongoing at Camp Nou.
COULD THE CSL BECOME DOMINATED BY FOREIGNERS?
With such head-spinning figures circulating and a constant stream of players moving to Asia, one could be forgiven for thinking the Super #League was building a division made up of all-star mercenaries. But restrictions on foreign are in fact much stronger than in any European league.
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Chinese clubs such as SIPG are restricted to just five non-national players in their squads, meaning that when it comes to the transfer window quality is far more important than quantity. The Shanghai club turned their attention on Oscar in order to fill the gap in their roster left by Argentine Dario Conca, who is likely to move back to Brazilian football with Flamengo; any other activity would require Andres Villas Boas to first release one of his five foreigners in order to free up a new spot.
That mix has allowed some native players to make an impact on the league, although it is obviously those expensive imports that catch the eye. Winger Wu Lei was the only Chinese player to make the CSL scoring top-10 with 14 strikes for SIPG in 2016, while Guanzhou Evergrande's Gao Lin tied for best assist-maker with Elkeson after laying on 12 goals.
The pair are already established internationals, but if the next generation can learn from the new faces it will represent a sound investment for a country which has made almost zero impact in international football.