The Daily Star claim Atsu is now a Newcastle player and an official announcement is expected within hours.
Atsu will complete a move to St James’ Park on a season-long loan and the Magpies will have an option to buy at the end of his spell.
The Ghanaian completed a £3.5m move from Porto in 2013 but has failed to hit the ground running at Chelsea with him still yet to make a first-team appearance for the Blues.
Atsu has been loaned out during the past three seasons that has seen him play at Vitesse Arnhem, Everton, Bournemouth and Malaga.
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Rafa Benitez has been busy in the transfer window this summer as he looks to build a squad capable of challenging for the title to win promotion back to the Premier League.
The latest two arrivals at St James’ Park were announced yesterday as striker Daryl Murphy and Achraf Lazaar both signed contracts.