Madrid confirmed Courtois will undergo his medical on Thursday before being unveiled to the club's fans at the Bernabeu.
Real Madrid's plan is that Courtois will be the starting goalkeeper and Lunin his understudy.
The Stamford Bridge clubs move for the 23-year-old Spain worldwide is now expected to allow their current number one Thibaut Courtois to finally conclude his £35 million transfer to Real Madrid.
Belgian star Courtois will sign a six-year contract at the Santiago Bernabéu, however, Navas has no plans to leave Madrid.
The deal that sees Courtois join Real Madrid for a reported £35million sees midfielder Mateo Kovacic head the other way on a season-long loan. The Belgium goalkeeper was the victor of the Golden Glove award at the Russian Federation 2018 Fifa World Cup.
According to Matt Law of The Telegraph, Chelsea have agreed to meet Athletic Bilbao's Kepa Arrizabalaga's buyout clause, which would make the Basque shot stopper a world record signing at €80 million.
Courtois had stayed away from Chelsea's training ground this week as he tried to force through a move.
Kepa said he had spoken with Chelsea's Spanish contingent of players before joining the club and was given glowing reports about life at Stamford Bridge.
Kepa had been with Athletic since 2004, rising through the youth ranks.
Now, as the start of Premier League play approaches the footballing world as reportedly received clarification on the future of the goalkeeper position at Chelsea.
Arrizabalaga becomes the most expensive goalkeeper in soccer history, ahead of Liverpool's Alisson, who moved from AS Roma for €75 million earlier in the transfer window.