Rangers 15-year-old midfielder Billy Gilmour will sign a professional contract with Chelsea when he turns 16, after the two clubs agreed a "significant fee".

Rangers offered Gilmour a contract, but the Scotland youth international has opted to move to London.

"When he made clear his desire to move to the Premier League it was important we maximised the commercial value for him," Rangers said in a statement.

"The club's preference would have been for Billy to stay at Rangers," the Ibrox club added.

"But this agreement will provide Rangers with a significant sum for a 15-year-old player who has yet to play first-team football, and further significant amounts could be due based on milestones being reached.

"We are pleased with this outcome and believe this deal represents good value for Rangers.

"That he was sought after by many Premier League clubs, and indeed a number of the largest clubs in Europe, further demonstrates the quality of player now being produced by the academy. Everyone at Rangers wishes Billy well for his future."