The 17-year-old will officially join the Blues in a £28.4m deal in the summer of 2025 after the West London giants confirmed an agreement with their Brazilian counterparts over the summer.
Estevao cannot be sworn in as a Chelsea player until he turns 18, though, so he is continuing his development in his homeland until he joins up with Enzo Maresca's squad next year.
The teenager was one of the stars of the show in Sunday's enthralling 5-3 Brasileiro Serie A win over Juventude, scoring the game's first goal before providing an assist for Raphael Veiga.
Estevao's two contributions took him up to a terrific 18 direct involvements from just 24 games in the Brazilian top-flight campaign - 10 of his own and eight assists - and he has now amassed more contributions in one Brasileiro season than any other player aged 17 or under.
The previous record belonged to a teenage Neymar, who had a direct hand in 16 goals while playing for Santos in the 2009 campaign, and Estevao's performance on Sunday continued a stellar streak for the youngster.
Estevao hits rich vein of form before Chelsea move
The Chelsea-bound winger has now amassed an eye-catching five goals and four assists from his last six top-flight appearances in his homeland, despite spending time out with hamstring and ankle injuries of late.
Estevao also appeared in all but one of Palmeiras' eight Copa Libertadores fixtures this season - scoring one goal - as the Brazilian giants were eliminated by Botafogo in the last 16.
Now boasting 12 goals and nine assists in 39 games for Palmeiras overall, the 17-year-old earned his first two senior appearances for Brazil last month, appearing as a substitute in World Cup qualifiers against Ecuador and Paraguay.
It is unclear whether Estevao will be integrated straight into the Chelsea first team or loaned out when he arrives next summer, but if it is the former, he will face incredibly stiff competition for wide starts.
Jadon Sancho's move from Manchester United should be made permanent next summer, while Joao Felix, Pedro Neto, Christopher Nkunku, Mykhaylo Mudryk and Noni Madueke are also vying for minutes.
Real Madrid, Barcelona, Paris Saint-Germain and Manchester City were also rumoured to be pursuing a deal for Estevao, who recently revealed why he chose to sign for the Blues.