Swansea have smashed their transfer window in order to keep on-loan midfielder Gylfi Sigurdsson at the club on a permanent basis.
The Swans almost doubled the amount they paid to Watford to secure Danny Graham last season when they agreed a £6.8million fee with Hoffenheim for the Iceland international.
Sigurdsson, who was keen to stay at the Liberty Stadium after a five-month loan spell, has already agreed personal terms and will undergo a medical later this week before he completes his move.
It will mark a full-time return to English football as the 22-year-old previously had two years at Reading between 2008 and 2010 prior to his £6m-plus move to the Bundesliga.
Sigurdsson was named Hoffenheim's player of the year in his first campaign, despite starting only 13 matches, but having missed much of pre-season he fell out of favour and was loaned to Swansea in January, making an instant impression.
He scored seven goals in 18 league appearances and was also named March's Premier League Player of the Month, becoming the first Swansea player to win the award.
"Swansea City can today confirm a transfer fee and personal terms have been agreed for Hoffenheim midfielder Gylfi Sigurdsson," said a statement on the club's official website.
"A club record offer of £6.8million has been accepted by the German club, and the 22-year-old is expected in Swansea later this week to undergo a medical before the move is confirmed.
"The club are delighted to have agreed terms with both player and club following Sigurdsson's hugely successful loan spell last season."
Swansea are also keen to hang on to manager Brendan Rodgers after new reports Liverpool want to speak to him about the current vacancy at Anfield.
Ten days ago Rodgers publicly declined the chance to talk to the Reds and chairman Huw Jenkins told BBC Sport the latest claims are "pure speculation".
The club went so far as to release a statement in which they said: "We would like to clarify the speculation in the press surrounding our manager Brendan Rodgers.
"We would like to confirm that there has been no contact from Liverpool and nothing has changed since our previous statement on the issue."