Barcelona have agreed to sign Udinese's Chilean forward Alexis Sanchez for 26 million euros ($36.9 million) plus a possible 11.5 million euros in variables as the Spanish and European champions made their first addition to their squad for next season.

"Udinese and FC Barcelona have reached a final agreement for the transfer of Alexis Sanchez," Barca said in a statement on their website (www.fcbarcelona.cat) on Thursday.

The 22-year-old will sign a five-year contract after completing a medical on Monday, the statement added.

The highly-rated Sanchez will compete for a place in Barca coach Pep Guardiola's starting 11 with World Player of the Year Lionel Messi and Spain forwards David Villa and Pedro.

His move to the Catalan capital is likely to trigger the departure of Spain Under-21 forward Bojan Krkic to Udinese's Serie A rivals AS Roma.

Sanchez started out as a youth recruit at Chilean club Cobreloa, where his goal-scoring exploits earned him the nickname "wonder kid".

After joining Udinese in 2006, he had loan spells at Colo Colo in Chile and River Plate in Argentina before returning to Italy and winning a regular place in the first team in the 2008-09 season.

Voted Serie A player of last season by daily La Gazzetta dello Sport after netting 12 goals in 31 matches, including four in one game, he helped Chile reach the quarter-finals at the Copa America.