Chelsea has signed England U-21 international Cole Palmer from Manchester City for £42.5 million pounds ($54 million).
The attacking midfielder has agreed a seven-year contract at Stamford Bridge, with Chelsea paying an initial £40 million for his services and another £2.5 million in incentives.
Palmer was considered to be one of the most promising players in the Man City youth system and made 41 appearances for the club in all competitions, scoring six goals. 19 of those appearances were in the Premier League.
He has also represented England at all levels from U-15 to U-21, playing 13 times for the U-21s and forming part of the squad that won this summer’s U-21 European Championship.
“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,” Palmer told the Chelsea website.
“It is a young and hungry squad and, hopefully, we can do something special here,” he said.
Palmer’s arrival at Stamford Bridge could see England international Conor Gallagher leave before the transfer window closes later on Friday. The midfielder has been linked with both West Ham and Tottenham Hotspur.