The 22-year-old, who has never made a senior appearance for the Blues, is poised to leave the club on a permanent basis after a highly successful loan spell at Cercle Brugge last season.
During his time with the Belgian outfit, Ugbo netted 17 goals in 34 appearances, forcing clubs across Europe to sit up and take note of his talents in the final third.
Now, following several weeks of rumours concerning his future, including reports linking him with moves to both Fulham and Watford, Ugbo is poised to return to Belgium, joining Genk on a permanent deal.
It is reported by Italian sports journalist and transfer expert Fabrizio Romano, as cited by sportslens, that Ugbo has agreed personal terms with the Pro League outfit and hopes to get the deal wrapped up ‘as soon as possible.’
Ugbo’s goals for Brugge last season played a significant role in helping them avoid relegation from the Belgian top flight, however it was not enough to convince the 22-year-old frontman to join them on a permanent deal, despite them having the option to sign him at the end of his loan spell.
It is believed that Ugbo wishes to test himself at a higher level and believes Genk is the perfect place for him to take that next step on his career ladder, although he did have interest from within England.
It was not just English clubs that were chasing Ugbo’s signature, however, as the likes of PSV Eindhoven and Besiktas were also said to be keen on landing the former Barnsley loanee.
However, Ugbo has settled on looking to complete a switch to Genk, with the deal close to being completed, meaning, should it go through without any late snags or hitches, it would bring his 14-year stay in west London to an end.
It has been reported in the international media that the fee for Ugbo, who will get the chance to play in the UEFA Champions League qualifiers with Genk, is somewhere between £2.5million and £4.3m, but the exact figure has not been revealed.