Manchester City Under-21 forward Cole Palmer has joined Chelsea in a deal worth an initial £40 million ($50 million).
On Friday, Palmer agreed a seven-year contract with Chelsea, who have a club option of a further 12-month extension and could pay City an extra £2.5 million in add-on clauses.
City were reportedly eager to keep Palmer, but a huge offer for the 21-year-old forward eventually persuaded them to cash in on a rising star who was keen for more regular first-team opportunities.
The 21-year-old might make his Chelsea debut against Nottingham Forest at Stamford Bridge on Saturday.
Speaking on his move to Chelsea, he said, “I’m excited to get started, and it feels great to sign.
“I’ve joined Chelsea because the project here sounds good, and because of the platform, I will have to try to showcase my talents. It is a young and hungry squad, and, hopefully, we can do something special here.”
His move to Chelsea raises Chelsea’s spending in the 16 months since Todd Boehly’s Clearlake Capital consortium bought the club to over £1 billion.
He becomes the 12th player to be signed by Chelsea since the end of last season, with his arrival coming after Blues boss Mauricio Pochettino stated he was keen to sign another forward.
“Cole arrives with the experience of winning the Premier League and Champions League and adds further quality and versatility to our attacking unit,” Chelsea co-sporting directors Laurence Stewart and Paul Winstanley said.
“He has showcased his talent and potential in the most challenging environments and delivered on the international stage for England at the European Under-21 Championships.
“He is undoubtedly ready for this next step, and we are delighted it will be with Chelsea,” they added.
Palmer came through City’s youth system and helped the club win the FA Youth Cup in 2020, scoring in the final against Chelsea.
The English international established himself as a regular in Pep Guardiola’s City squad last season, making 25 appearances across all competitions as City won the Premier League, Champions League, and FA Cup.
