Cole Palmer, a forward for the England Under-21 team, was signed by Chelsea on Friday in a deal worth an initial £40 million ($50 million).
Palmer signed a seven-year contract with Chelsea, who have the option to extend it by an additional 12 months and pay City an additional £2.5 million in add-on provisions.
City wanted to keep Palmer, but the amount of Chelsea’s bid ultimately convinced them to sell to a young player eager for more frequent first-team appearances.
The 21-year-old might make his Chelsea debut against Nottingham Forest on Saturday at Stamford Bridge in the Premier League.
With Palmer’s move to the Bridge, Chelsea has spent more than £1 billion in the 16 months since Todd Boehly’s Clearlake Capital partnership acquired the club.
