Chelsea sign Man City youngster for £42.5m

New Chelsea midfielder Cole Palmer
New Chelsea midfielder Cole Palmer. Photo by Shutterstock.

Chelsea have announced the signing of Cole Palmer from Manchester City for £42.5million.

The 21-year-old has signed a seven-year contract with the option of a further 12 months.

Chelsea will pay an initial £40million for the attacking midfielder, with an potential of £2.5million extra in performance related add-ons.

Palmer told Chelsea’s website: “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. 

“It is a young and hungry squad and, hopefully, we can do something special here.”

The Blues have now spent over £1bn on new players since the arrival of Todd Boehly as owner.