Chelsea has reached an agreement worth nearly £54 million for Wolverhampton Wanderers forward Pedro Neto. The Portugal winger is set to undergo a medical examination before completing his transfer to Stamford Bridge, which will push Chelsea's summer spending beyond the £200 million mark.
The deal comprises an initial payment of £51.3 million, with an additional £2.6 million in performance-related add-ons, following two earlier bids that were rejected by Wolves. Chelsea's attempts to secure Neto through a player-plus-cash deal involving David Datro Fofana and Trevoh Chalobah were declined, as was a subsequent cash-only offer presented on Thursday evening.
Since joining Wolves from Lazio in 2019, the 24-year-old has made 135 appearances and netted 14 goals. If the transfer is confirmed, Neto will surpass Ruben Neves' sale to Al-Hilal for £47 million last summer, making him Wolves' record sale.
Chelsea has been active in the transfer market, securing nine players this summer for around £140 million. New signings include 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.
The club is also on the verge of signing goalkeeper Mike Penders for £17 million, although he is expected to be loaned back to Genk. Additionally, Chelsea aims to recruit Atletico Madrid forward Samu Omorodion for £34.5 million. Should Penders, Omorodion, and Neto complete their transfers, Chelsea's total summer signings would rise to 12, elevating their spending to over £240 million.
Chelsea has recouped approximately £90 million through player sales, including Ian Maatsen, Lewis Hall, and Omari Hutchinson. Conor Gallagher is also anticipated to join Atletico Madrid for £33 million.
The arrivals of Penders, Omorodion, and Neto could swell Chelsea's senior squad, as listed on the club's website, to around 50 players. Following the closure of each transfer window, clubs must submit a Premier League squad list capped at 25 players, although an unlimited number of players under the age of 21 can be included.
Chelsea's transfer strategy continues to emphasize youth, with their confirmed summer signings averaging approximately 20.5 years old. While the senior recruits, Adarabioyo and Dewsbury-Hall, are 26 and 25 years old respectively, the focus remains on players under the age of 23.
Since the transition away from the Roman Abramovich era and the takeover by a Todd Boehly-led consortium two summers ago, Chelsea's total spending has exceeded £1.5 billion. This new recruitment strategy will be put to the test under new manager Enzo Maresca as the Premier League season commences next weekend.
