Chelsea has finalized a £54 million deal for Wolverhampton Wanderers winger Pedro Neto, the club announced on Sunday.
The 24-year-old has signed a seven-year contract with the London club after successfully completing a medical examination, officially becoming the latest addition to Chelsea’s extensive squad.
The agreement comes after Chelsea had two earlier bids rejected, with the final deal believed to be worth an initial £51.3 million plus an additional £2.6 million in potential add-ons. Since joining Wolves from Lazio in 2019, Neto has made 135 appearances and scored 14 goals.
“I feel really grateful to have joined this club,” Neto expressed to Chelsea’s media team. “I have worked really hard in my career to be here, and I’m looking forward to getting on the pitch with this shirt.”
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He becomes the 10th player signed by Todd Boehly and his team this summer, joining midfielders Kiernan Dewsbury-Hall, Renato Veiga, and Omari Kellyman, goalkeeper Filip Jorgensen, defenders Tosin Adarabioyo, Aaron Anselmino, and Caleb Wiley, winger Estevao Willian, and striker Marc Guiu.
In total, Chelsea has now spent over £200 million during this transfer window as they continue to expand their squad.
The club has recouped approximately £90 million through the sales of homegrown talents Ian Maatsen, Lewis Hall, and Omari Hutchinson, with Conor Gallagher expected to join Atletico Madrid for £33 million.
As Premier League squad lists can have a maximum of 25 players following the end of each transfer window, Chelsea’s first-team squad is now approaching 50 players.
Neto’s transfer marks a record sale for Wolves, surpassing the previous record set by Ruben Neves’ move to Saudi Arabia’s Al-Hilal for £47 million last summer.