​Paris Saint-Germain have confirmed the signing of Leandro Paredes from Zenit Saint Petersburg, who has joined the Ligue 1 giants in a deal believed to be worth around €50m.

The tenacious midfielder has been closely monitored by Chelsea for much of the January transfer window, with the Argentina international emerging as a prime candidate to replace Cesc Fàbregas. However, Blues boss Maurizio Sarri will now have to look elsewhere, and could be forced into a panic buy with just three days left before the transfer deadline.

Les Rouge-et-Bleu announced the news on their official Twitter page, introducing their new signing with a message from his international teammate Ángel Di María. 

The arrival of Paredes should set in motion the exit of want-away midfielder Adrien Rabiot, who will leave the club at the end of his contract after failing to agree terms of an extension.

Paredes began his senior career with his boyhood club Boca Juniors, before going on to play for ​Serie A sides Chievo, Roma and Empoli. The 24-year-old then secured a move to the Russian Premier League with Zenit, where he scored four goals in his debut season. The player is known for his ability to dictate the play, and is graced with enviable technical skills.

While ​Chelsea have missed out on their man this time, they do appear to have managed to hold onto fan's favourite Callum Hudson-Odoi for at least another few months. The teenage sensation has ​reportedly been informed he won't be allowed to leave the club in January, and the club have turned down repeated offers from Bundesliga champions Bayern Munich.