Chelsea have signed Brighton midfielder Moises Caicedo for a British-record fee of £115m on an eight-year contract.
Chelsea are understood to be paying an initial £100m, plus £15m in performance-related add-ons.
There is an option of a further year in Caicedo's contract and Brighton will have a sell-on clause that has been described as "significant" as part of the deal.
Half of the add-ons have been described as "quite easily achievable", while the other half are considered "much harder" to achieve.
An elated Caicedo said: ‘I am so happy to join Chelsea! I am so excited to be here at this big club and I didn’t have to think twice when Chelsea called me, I just knew I wanted to sign for the club. It’s a dream come true to be here and I can’t wait to get started with the team.’
Co-sporting directors Laurence Stewart and Paul Winstanley said: ‘Moises has proved himself as a standout player in European football over the past 18 months, and we are thrilled to add him to Mauricio Pochettino’s squad.
‘Moises possesses a rare midfield skill set and is a player we've been targeting for some time. We believe he will make a significant impact at Stamford Bridge this season – and in the years ahead.
Impossible not to smile. 💙 pic.twitter.com/k6Vn14G4za
— Chelsea FC (@ChelseaFC) August 14, 2023