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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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.