BREAKING NEWS: Chelsea have reached an agreement to sign a player who has been a long-term target for Arsenal, continuing their spending spree.
Chelsea have reached an agreement with Wolverhampton Wanderers to acquire Pedro Neto, a player long targeted by Arsenal, as part of their ongoing summer transfer activities.
According to The Athletic, Chelsea will pay an initial fee of £51.4 million, with an additional £2.57 million in bonuses if the Portuguese winger achieves specific performance targets.
The 24-year-old has settled on personal terms with the West London club, and a medical examination is scheduled soon, with the deal nearing completion.
The Portuguese international has been with Wolves since 2019, joining from Braga, and has scored 14 goals in 135 matches across all competitions.
Neto has been frequently linked with a departure from Molineux, with Arsenal often mentioned as a potential destination, and Manchester City also expressing interest.
Despite this, Chelsea have secured his signing, continuing their significant spending in the current transfer window.