But Chelsea have won the race to sign the midfielder after making three offers for Ojo while he was playing for England Under 16s against Northern Ireland at Chesterfield on Wednesday.
The teenager was introduced as a half-time substitute and made an impact after two minutes, setting up Mason Bennett’s second as England secured a 3-1 win.
The impressive cameo sparked an incredible series of bids from Chelsea during the game.
Knowing that scouts from the country’s other top clubs were also at the game, they made three bids in 45 minutes.
MK Dons rejected the opening two offers before agreeing a package understood to be worth an initial £1.5million, plus another £500,000 in add-ons.
On paper it is not hard to see why Chelsea have paid a record fee paid for the 14-year-old – who joined the League One club in 2007.
Despite his tender age, Ojo has already been invited to train with Karl Robinson’s first team.Furthermore, he made his debut for the Dons’ Under-18 team aged just 13 and is already a fixture for the Under-16’s.
Chelsea’s youth coaches will take a closer look at Ojo upon his arrival at the club’s Cobham HQ before deciding which age group he should begin his Blues education.
After being picked for England’s Under-16s, Ojo said: ‘I was very excited and surprised, being one of the youngest is a bit of added pressure but it is also a bit of an advantage.
‘The professional players that I want to be like in the future are Xavi, [Anders] Iniesta and [Cesc] Fabregas.’
Meanwhile, Blues boss Andre Villas-Boas says the club will not sell their out-of-contract quartet in January. Didier Drogba, Salomon Kalou, Nicolas Anelka and Jose Bosingwa could all leave for nothing in the summer.
Villas-Boas revealed fresh terms have been offered to everyone but Anelka – casting more doubt on the France striker’s future.
He said: ‘Even if it reaches a situation that they haven’t signed contracts by January, their personality and what they have been doing for this club allows this club to think their loyalty to the team will not be compromised.
‘We won’t need to sell them. It happens all the time. That’s why the talks are on-going. We still have plenty of time.
‘The most important thing is for the club to defend its interests. We know these players are of higher importance.
‘That’s why the offers are on the table, apart from with Anelka. End of story. We will try to get them to reach an agreement.’