Chelsea have confirmed the signing of Moises Caicedo from Brighton & Hove Albion for a British-record transfer fee.
The 21-year-old has put pen to paper on an eight-year contract at Stamford Bridge with Chelsea having the option to extend that by a further year, potentially keeping him at the club until 2032.
The Blues have not disclosed the exact transfer fee, nor confirmed that it is a British record, but they are understood to have paid £115m for the Ecuadorian midfielder.
Such a figure sees them break their own record for the most expensive signing in British football history, overtaking the amount they paid to sign Enzo Fernandez in the January window.
Chelsea have been heavily linked with Caicedo throughout the summer, but Brighton refused to budge on their nine-figure asking price despite telling Caicedo that he could leave if their figure was met.
The Ecuador international was at the centre of a dramatic transfer tug-of-war in recent days, with Liverpool confirming that they had agreed a £110m deal to sign him from Brighton, only for the player to then turn the Reds down in favour of a move to Chelsea.
"I am so happy to join Chelsea! I am so excited to be here at this big club and I didn't have to think twice when Chelsea called me, I just knew I wanted to sign for the club. It's a dream come true to be here and I can't wait to get started with the team," he told the club's official website.
Co-sporting directors Laurence Stewart and Paul Winstanley added: "Moises has proved himself as a standout player in European football over the past 18 months, and we are thrilled to add him to Mauricio Pochettino's squad.
"Moises possesses a rare midfield skill set and is a player we've been targeting for some time. We believe he will make a significant impact at Stamford Bridge this season – and in the years ahead."
A £115m fee would make Caicedo the third-most expensive player in football history, behind only Neymar and Kylian Mbappe.
Brighton signed Caicedo for just £4.5m in 2021, and he has only played 45 Premier League matches since joining from Independiente del Valle.
The midfielder was an integral part of the Seagulls side that recorded their best-ever league finish last season, though, being named the club's Player and Players' Player of the Season.
Caicedo's arrival takes Chelsea's spending in three transfer windows since Todd Boehly's takeover to more than €1bn (£848m), while they are also understood to be on the verge of beating Liverpool to the £50m signing of Southampton's Romeo Lavia.
So far this summer, the Blues have brought in Christopher Nkunku, Axel Disasi, Nicolas Jackson, Lesley Ugochukwu, Robert Sanchez and Angelo, with all but the injured Nkunku and the loaned-out Angelo featuring in the season opener against Liverpool on Sunday.
Chelsea came from behind to earn a 1-1 draw in that match at Stamford Bridge, meaning that Pochettino will again go in search of his first win as manager away to West Ham United on Sunday - a match which could see Caicedo make his debut.
