The 16-year-old, who is considered among the brightest talents in South America and has made five appearances for leaders Independiente del Valle in Ecuador's top-flight this season, will join Chelsea after he turns 18 in May 2025.
Midfielder Paez was a key player for Ecuador at this year's Under-17 Copa America, scoring two goals as they finished runners-up to Brazil. The teenager is Chelsea's first signing of the close season as they look to rebuild under new manager Mauricio Pochettino after finishing in 12th place - their worst finish since 1994.
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