Rogers, 23, will sign a six-year contract at Stamford Bridge with the option of a further year, and is due to undergo a medical on Monday after returning from international duty with England at the 2026 World Cup, the BBC reports.
The fee eclipses the £116m Manchester City paid Nottingham Forest for fellow England midfielder Elliot Anderson earlier this summer, and surpasses the £107m Chelsea handed Benfica for Enzo Fernandez in 2023, which had stood as the club's previous record signing.
New Chelsea manager Xabi Alonso played a leading role in the pursuit, contacting Rogers personally to help convince him to snub Arsenal, who had long been considered favourites for his signature, according to the London Evening Standard.
Chelsea are said to have moved decisively once England's World Cup campaign wound down, agreeing personal terms with Rogers before the Three Lions' third-place play-off against France in Miami.
Rogers is expected to feature predominantly on the left of Alonso's attack, a position that has been unsettled by Alejandro Garnacho's inconsistent form and Jamie Gittens' injury problems this season. He operated largely as a No.10 during his time at Villa Park, but is understood to accept that role now belongs to close friend and England team-mate Cole Palmer at Chelsea.
Rogers, who came through Manchester City's academy, joined Aston Villa from Middlesbrough in February 2024 for an initial £8m, potentially rising to £15m. A 20% sell-on clause written into that deal means Middlesbrough are set to earn at least £20.4m from his move to Chelsea, depending on how many add-ons were triggered during his spell at Villa.
The 23-year-old has established himself as one of the Premier League's most sought-after attacking players over the past two-and-a-half seasons, with his form for Villa also earning him a regular place in Thomas Tuchel's England squad. Rogers becomes the most expensive British player in history, surpassing the £116m record Anderson set only weeks earlier.
Villa had been braced for interest in Rogers to intensify once England's World Cup run ended, aware that both Chelsea and Arsenal had identified him as a priority target for some time. But it is Chelsea, under Alonso's increasingly influential decision-making, who have won the race, in what represents a significant blow to Arsenal's own recruitment plans this summer.