Chelsea signed England Under-21 forward Cole Palmer from Manchester City on Friday in a deal worth an initial £40 million ($50 million).

Palmer agreed a seven-year contract with Chelsea, who had a club option of a further 12 month extension and could pay City an extra £2.5 million in add-on clauses.

City were keen to keep Palmer, but the size of Chelsea’s offer eventually persuaded them to cash in on the rising star who was keen for more regular first-team opportunities.

The 21-year-old could make his Chelsea debut in Premier League match against Nottingham Forest at Stamford Bridge.

“I’m excited to get started and it feels great to sign,” Palmer said. “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.”

Reacting to the new signing Chelsea Co-sporting Directors Laurence Stewart and Paul Winstanley, said “Cole arrives with the experience of winning the Premier League and Champions League and adds further quality and versatility to our attacking unit.”

“He has showcased his talent and potential in the most challenging environments and delivered on the international stage for England at the European Under-21 Championships.

“He is undoubtedly ready for this next step and we are delighted it will be with Chelsea.” Winstanley added.

Palmer’s move to the Bridge takes Chelsea’s spending in the 16 months since Todd Boehly’s Clearlake Capital consortium bought the club to over £1billion.

Palmer graduated from City’s academy and helped them win the FA Youth Cup in 2020, scoring in the final against Chelsea.

Establishing himself as a regular in the City squad last season, Palmer made 25 appearances in all competitions as Pep Guardiola’s side won the Premier League, Champions League and FA Cup.