Chelsea had been after an English goalkeeper but gave up after a bid for John Ruddy was rejected and other targets voiced concerns over a lack of first team football on offer.
Schwarzer leaves Fulham to join Chelsea as he bids to play in the World Cup next year for Australia.
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Summer 2016 is set to be a very exciting time for football fans, as this is when the long awaited Euro 2016 tournament kicks off.
Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.