Chelsea and Atletico Madrid have both confirmed that Portuguese international Joao Felix will join the London club on loan until the end of the season.
Atletico Madrid also announced that he would be extending his contract with the club until 2027, an extra year on top of his current deal. There is no buy option in the contract.
Felix arrived at Atletico Madrid in 2019 for a club record €127m from Benfica at the age of just 19, and in the four and a half years since, has scored 34 goals and assisted 18 times in 131 matches.
Despite showing his immense talent in spells, Felix has failed to put together a consistent run of form in his time at Atletico Madrid, which ultimately is the reason for his departure. Felix and manager Diego Simeone did not see eye to eye, which led to Felix asking to leave before the winter transfer window.
Simeone will defend himself that Felix has never shown why he should be starting or should have a team built around him, with inconsistency plaguing his time in Madrid.
Felix would likely contend that Simeone has never used him properly and he has never been given the chance to make the Atleti team his own.
Chelsea manager Graham Potter seems more likely to place Felix in a favourable context, but the Portuguese has previously operated best behind a traditional centre-forward, something Chelsea are not using.