Chelsea sign Pedro Neto in $68.8 million deal: Here's what it means for Enzo Maresca's Blues

Chelsea have completed the signing of Pedro Neto from Wolverhampton Wanderers in a deal worth up to $68.8 million. The Portuguese winger was unveiled at halftime of his side's pre-season friendly against Inter and has signed a seven-year contract.

The Blues stole a march on Tottenham on Friday morning, agreeing a deal worth a guaranteed $65.6 million with a further $3.3 million in potential add-ons. Chelsea had seen two offers rejected earlier in the window, one a player-plus-cash deal that was also offered by Tottenham, per CBS Sports sources.

Wolves ultimately concluded that the guaranteed fee, which eclipses the club record return they got from Manchester City for Matheus Nunes 12 months ago, was too good to turn down. Neto delivered nine assists in just 20 games for Gary O'Neill's side last season, the injury problems that have hindered him throughout his early career rearing their head again.

In total, Neto has suffered seven separate injuries that forced him to miss games since joining Wolves from Braga in 2019, the most notable a serious knee issue that sidelined him from April 2021 until late February 2022. On two separate occasions last season, the 24-year-old was sidelined for around two months with hamstring injuries. Only in 2020-21 did he start more than half of Wolves' league games.

"The deal is one that works for us and Pedro, but by no means does it make it any easier," said Wolves sporting director Matt Hobbs. "For the club, it's the right deal at the right time. It's hard when it's someone who everyone has so much affinity for as a person to look at it as a business, but football is a business and it was the right timing and the right deal, so from that perspective, the football club are happy."

Neto becomes the 10th major signing to arrive at Chelsea in what has been a customarily active window at Stamford Bridge with Atletico Madrid striker Samu Omorodion expected to arrive soon while, in a separate deal, Conor Gallagher heads in the opposite direction. In total, they have spent around $230 million strengthening Enzo Maresca's side while making sales estimated to be worth over $110 million.

"I feel really grateful to have joined this club," said Neto. "I have worked really hard in my career to be here and I'm looking forward to getting on the pitch with this shirt."

Chelsea's latest signing will offer Maresca an option off both flanks, though it is fair to say that there were plenty of them available to him before Neto's arrival. Cole Palmer , Noni Madueke, Christoph Nkunku, Mkyhailo Mudryk and Raheem Sterling are the senior players tied to long-term contracts who can fill those roles in addition to youngsters such as Angelo Gabriel.