Reports out of Spain by Matteo Moretto suggest its a matter of time.
Below you see some of the article written by Matteo

“The full-back from Figueres will join Chelsea for €25 million plus bonuses, becoming Rayo’s most expensive sale ever. The deal will be officially announced in the coming hours, once the clubs finalize the last details. Despite Rayo Vallecano demanding a higher fee (his release clause is set at €50 million), an agreement has finally been reached with the London club for €25 million less. Besides Chelsea, Carles Martínez’s Bayer Leverkusen were also interested in signing the full-back. Ultimately, the player opted for the Premier League, where he will reunite with Xabi Alonso. Pep Chavarría, who is already in London, will fill the vacancy left by Marc Cucurella , who has moved to Real Madrid, and will compete for the starting position with Dutchman Jorrel Hato”

So Chavarria release clause was £42.7 million ($57.6 million) but the deal is being done at £21.3 million ($28.8 million) so Chelsea are getting the left back for half his release clause value.

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