Portuguese forward Pedro Neto has officially completed his transfer from Wolverhampton Wanderers to Chelsea, signing a seven-year contract in a deal worth £54 million.

The 24-year-old will remain with the Blues until 2031, as the London club continues to strengthen its squad ahead of the new season.

Neto was introduced to Chelsea fans during half-time of their pre-season friendly against Inter Milan, marking his first appearance at Stamford Bridge as a member of the team.

Expressing his enthusiasm, Neto stated, "I feel really grateful to have joined this club. I have worked really hard in my career to be here and I’m looking forward to getting on the pitch with this shirt."

The transfer agreement includes an initial payment of £51.3 million, with an additional £2.6 million in potential add-ons.

Neto's move to Chelsea marks a record sale for Wolves, surpassing the £47 million they received from Al-Hilal for Ruben Neves in 2023.

Neto, who joined Wolves from Lazio in 2019, made 135 appearances for the club, scoring 14 goals.

His arrival at Chelsea adds to the club's extensive summer spending, which now totals approximately £185 million.

Chelsea has already secured several key signings, including midfielders Kiernan Dewsbury-Hall, Renato Veiga, and Omari Kellyman, as well as goalkeeper Filip Jorgensen, defenders Tosin Adarabioyo, Aaron Anselmino, Caleb Wiley, winger Estevao Willian, and striker Marc Guiu.

The Blues are also expected to finalize deals for Atletico Madrid forward Samu Omorodion and Genk goalkeeper Mike Penders in the near future.

Chelsea's attention now turns to their opening Premier League fixture against reigning champions Manchester City next weekend.