Chelsea announced before the transfer deadline on Friday that it had signed England under-21 forward Cole Palmer from Manchester City.
Palmer, who joins Chelsea on a seven-year contract with an eighth-year option, is the eleventh player to arrive at Stamford Bridge this summer, bringing the club’s expenditure in this transfer window to more than £350 million ($442 million).
On Wednesday, ESPN reported that Chelsea and Manchester City had agreed on a transfer fee for the 21-year-old forward. On Friday, sources told ESPN that the ultimate fee is £42.5 million, which includes an initial payment of £40 million and potential add-ons of £2.5 million.
Palmer spent his juvenile career with City and debuted in September 2020.
The forward got off to an auspicious start for City, scoring in the Community Shield loss to Arsenal and the UEFA Super Cup win over Sevilla. However, he had only made one substitution in City’s first three Premier League fixtures.
“Manchester City has been a part of my life for 15 years, and it’s all I’ve ever known since the age of six,” Palmer wrote in a Friday Instagram post.
“Throughout my career, I’ve had the privilege of collaborating with a number of extraordinary individuals. To the coaches, personnel, physios, and everyone working behind the scenes. I am extremely appreciative and would like to thank you for helping me become the person I am today.”