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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Chelsea have struggled to build momentum in the opening stages of the campaign and are currently looking over their shoulders at the relegation zone.
Who of Europe’s top strikers will move to England this summer?