Joao Pedro joined Chelsea from Brighton on Wednesday to continue the Premier League club's lavish spending under American owners Todd Boehly and Clearlake Capital.
The Brazil forward cost a reported 60 million pounds ($82 million) and has signed a contract through to 2033.
“Everyone knows this is a big club with a great history,” Joao Pedro said. “They had brilliant players in the past and have brilliant players now. So I am excited to join and you know when you are a Chelsea player you must think one thing — win.”
The Brazil international has joined up with Chelsea's squad at the Club World Cup in the United States and is eligible to play in Friday's quarterfinal against Palmeiras.
Joao Pedro is Chelsea’s fifth major signing this offseason after previous deals for Liam Delap, Dario Essugo, Kendry Paez and Mamadou Sarr.
Under Boehly and Clearlake, who bought Chelsea in 2022, the six-time English champion has spent well in excess of $1 billion on transfers, including British record fees for Enzo Fernandez and Moises Caicedo.
The 23-year-old Joao Pedro hit 10 goals in 32 appearances for Brighton last season and scored 30 across two years with the club.
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He is the latest player to leave Brighton for Chelsea in a big-money move in recent years after deals for Marc Cucurella, Robert Sanchez and Caicedo.
The move also represents a sizeable profit for Brighton after signing Joao Pedro from Watford for 30 million pounds ($41 million) in 2023.
“This is a good move for all parties. It’s an excellent deal for the club, and a good return on a significant investment in an area of the pitch where we have a lot of competition and are already well served in terms of our attacking talent," said Brighton coach Fabian Hurzeler.
Joao Pedro’s arrival comes as Chelsea prepares for a return to the Champions League after a two-year absence.
Under coach Enzo Maresca, the London club finished fourth in the Premier League last season, its highest place since Boehly and Clearlake bought out former owner Roman Abramovich, and also won the UEFA Conference League.
Chelsea can add to that at the Club World Cup, but the expectation next season will be to challenge for a first Premier League title under its American owners.