As revealed by Sky Sports earlier this month, Krylia Sovetov - relegated from the Russian Premier League last season to the National League - were leading the race to sign highly-rated forward Feruz.
The Scotland Under-21 international has yet to make his senior debut for Chelsea, but is highly-regarded within the corridors of power at Stamford Bridge.
Chelsea are willing to let the talented 18-year-old striker go out on loan this season so that he can get some valuable first-team experience under the belt.
A number of Championship clubs expressed an interest in taking Feruz on loan, but the former Celtic youngster has decided to make the move to Russia.
Feruz is understood to have already linked up with Krylia Sovetov for training with his season-long loan switch to be finalised in the next 24 hours.