CHELSEA have completed a deal for Cole Palmer and taken Todd Boehly’s transfer spending through the £1billion barrier.

The winger is joining The Blues from Manchester City for an initial £40m with a further £2.5m in add-ons.

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Cole Palmer has completed a move to Chelsea

Todd Boehly has spent an extraordinary amount of money since arriving at Chelsea

That means chairman Boehly has splurged an astonishing £1,032,250,000 since taking over the club last May.

Chelsea swooped for Palmer on Tuesday and should register him in time to make his debut against Nottingham Forest tomorrow but it is highly unlikely he will play.

Palmer, 21, is one of Manchester City’s rising stars but said in the summer that he may consider his future because of his need for first team football.

But he is joining one of the biggest and most expensive squads in the world where there are several players already in his position.

Palmer is joining just as fellow wideman Callum Hudson-Odoi leaves to join Premier League rivals Nottingham Forest.

He becomes Chelsea’s 11th arrival of the summer and the fourth most expensive behind Moises Caicedo, Romeo Lavia and Christopher Nkunku.

Palmer scored twice for Man City last month, once in the Super Cup victory against Sevilla and once in the Community Shield loss to Arsenal.

But in their first three Premier League games, he only saw 10 minutes of action, and that cameo came off the bench in a 3-0 victory over Burnley.

Palmer left City permanently for the seventh time this summer after registering six goals and two assists in 41 games.

Brighton was also interested in Palmer, although the Citizens turned down a £30 million offer from Brighton earlier this summer.