The Chelsea boss is yet to see his side set the top-flight by storm since returning to Stamford Bridge in the summer and is expected to splash the cash in the summer transfer window to strengthen his bid for Premier League glory.
And the Portugease manager has appears to have pipped the likes of Barcelona and AC Milan to win the race for the Argentine defender, with a deal expected to be completed in time for next season.
The 25-year-old centre-back, who can also play as a right-back when needed, joined Porto from Velez Sarsfield for in 2010 and has since made 64 league appearances, scoring six goals.
Since arriving in Portigal, Otamendi’s performances have caught the eye of some of Europe’s biggest clubs, with Spanish giants Barcelona and Italy’s AC Milan both rumoured to be keeping tabs on him in recently.
Otamendi was a key figure in Porto’s 2010 Europa League winning squad under now Tottenham Hotspur boss Andre Villas-Boas, when they beat SC Braga in the final.
Diego Maradona once labelled him as “the best player on the pitch” after Argentina’s 2010 World Cup group stage tie against Greece, while Velez coach Ricardo Gareca said in 2009: “He plays like a veteran. In centre-backs, cases like this are very rare.”
It is thought Chelsea will have to pay somewhere in the region of £12million for the Argentine international.