Chelsea has signed young promising attacking player Cole Palmer from Manchester City on Friday in a deal worth an initial £40 million ($50 million).

The 21-year-old agreed a seven-year contract with the blues, who have a club option of a further 12 month extension and could pay City an extra £2.5 million in add-on clauses.

Manchester 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 opportunities.

The England Under-21 could make his Chelsea debut in Saturday’s Premier League match against Nottingham Forest at Stamford Bridge.

Speaking after moving to Chelsea, Cole Palmer said: “I’m excited to get started and it feels great to sign.

“I’ve joined Chelsea because the project here sounds good and because of the platform I will have to try to showcase my talents. It is a young and hungry squad and, hopefully, we can do something special here.”

Cole arrives with the experience of winning the Premier League and Champions League and adds further quality and versatility to our attacking unit,” Chelsea co-sporting directors Laurence Stewart and Paul Winstanley said.

“He has showcased his talent and potential in the most challenging environments and delivered on the international stage for England at the European Under-21 Championships.

“He is undoubtedly ready for this next step and we are delighted it will be with Chelsea.”