The transfer to Chelsea appeared to be almost finalized, but it won't happen: it is Paris Saint-Germain who will snatch Manuel Ugarte. The 22-year-old midfielder from Sporting will move to Paris for sixty million euros.

That's reported by L'Équipe. According to multiple Portuguese media outlets, Chelsea seemed to be winning the battle for Ugarte. The exact details of what happened are not entirely clear.
However, what is clear is that PSG is the club that will acquire Ugarte for sixty million euros. That is the release clause stated in the player's contract.
If everything goes through, Ugarte will be PSG's first summer signing. The midfielder still had a contract in Lisbon until the summer of 2026 and was attracting interest from several clubs across Europe.