He's reportedly going to be spending the remainder of this season at Malaga
While neither side have, officially confirmed this news, there are a growing number of reports that Chelsea have agreed to a loan destination for young Lucas Piazon. While this shouldn't really come as much of a surprise, the rumored destination really should. According to everything I've been reading, Lucas Piazon will be on his way to Malaga for the remainder of the season.
Malaga is currently hanging around the Champions League places in La Liga, and is still alive in the Champions League for this season. They have all sorts of financial problems, so in that regard this makes a lot of sense. Malaga is a very good team in a good league though, so this loan would be a very aggressive one indeed.
There is also some speculation that this loan means that Isco will be heading the other way, but I don't really think there is any reason to jump off that bridge quite yet. The loan makes enough sense for both parties on it's own that there is no real reason to break out the tinfoil hats yet. Isco is likely an entirely separate matter, and if a club decides to meet his buyout, they really have no reason to sweeten the deal.
Best of luck in Spain this spring Lucas, and hopefully this results in a good amount of time on the pitch. We'll be watching...
*Update: Rafa Benitez has now confirmed the loan move in his pre-match press conference.