Transfer: Chelsea sign Cole Palmer from Manchester City

Chelsea have completed the signing of England Under-21 forward Cole Palmer from Manchester City in a deal initially valued at £40 million ($50 million).

Palmer has committed to a seven-year contract with Chelsea, who hold a club option for an additional 12-month extension and have the potential to pay Manchester City an extra £2.5 million through add-on clauses.

While Manchester City was eager to retain Palmer, the substantial offer from Chelsea ultimately convinced them to part ways with the promising young talent, who was eager for increased opportunities in the first team.

At the age of 21, Palmer stands poised to potentially make his Chelsea debut in the upcoming Premier League clash against Nottingham Forest at Stamford Bridge on Saturday.