Chelsea have signed England left-back Ben Chilwell from Leicester for a fee in the region of £50m on a five-year deal.
Chelsea beat Leicester to a Champions League place on the final day of the 2019/20 Premier League season - pushing the Foxes into the Europa League - and have now convinced them to part with one of their prized assets.
"I am delighted to be joining Chelsea at this very exciting time for the club. I'm looking forward to being a part of this young, dynamic squad led by Frank Lampard as we challenge for honours next season," Chilwell told the club's website.
"I can't wait to get started and hopefully it won't be long before we're playing in front of the Chelsea fans at Stamford Bridge."
Chilwell joins new Stamford Bridge arrivals Hakim Ziyech and Timo Werner, who have already signed from Ajax and RB Leipzig, respectively.
Chelsea are also in talks to sign Bayer Leverkusen midfielder Kai Havertz and former Paris Saint-Germain captain Thiago Silva, who is set to undergo a medical on Thursday, as they look to build on a fourth-placed Premier League finish and an appearance in the FA Cup final in Lampard's first season in charge.
The Blues will also have to allow players to leave this summer, with left-back Emerson Palmieri vulnerable due to Chilwell's imminent arrival. Inter Milan are reportedly interested in the Brazil-born Italy international.
Analysis: Chelsea backing expensive Chilwell to step up
Ben Chilwell has not come cheap. He was under contract until 2024 and with Leicester under no pressure to sell, the Foxes have held out for a huge fee from Chelsea, just as they did when Manchester United had to pay them £80m for Harry Maguire last summer.
So is he worth it? Chelsea made left-back a priority area this summer and while Chilwell eclipses the quality of back-up Emerson Palmieri, who seems likely to head back to Italy, does he offer more going forward than long-term Blue Marcos Alonso?
Defensively Chilwell is arguably more reliable than the Spanish full-back but with players in this position now measured as much - if not more - by their contributions in the attacking third it is clear the youngster still has room to improve. He recorded six goal involvements last season (three goals, three assists), which is the same number Alonso managed (four goals, two assists) in nine fewer games.
Chelsea and Frank Lampard will expect a significant increase on that return, given the money they've paid. But Chilwell is 23 and there is an element of Chelsea backing England's first-choice left-back to kick on at Stamford Bridge. It has cost Chelsea a lot of money to see if that faith will be repaid - but Lampard has already shown he is willing to give emerging stars the chance to shine.
'Significant deal for Chelsea'
We believe the fee is around £50m. This deal is very significant news for Frank Lampard because he has looked at this Chelsea squad, he has looked at his left-back options, and he has said, 'I need a new left-back'.
His number one target was Ben Chilwell, Chelsea have backed him and they've gone out and got him. This is off the back of Chelsea signing Hakim Ziyech, Timo Werner and we know they're very close to signing Kai Havertz and Thiago Silva, who is due to have a Chelsea medical tomorrow.
Source: Sky Sports