Chelsea have completed a £54m deal for Wolverhampton Wanderers winger Pedro Neto the club announced on Sunday.

Neto, 24, has signed a seven-year deal with the London side and completed a medical before being announced as the latest member of Chelsea’s mammoth squad.

The deal, which was agreed after the Blues had two previous bids rejected, is believed to be worth an initial £51.3m with £2.6m in add-ons.

Neto made 135 appearances and scored 14 goals for Wolves since joining the midlands club from Lazio in 2019.

“I feel really grateful to have joined this club,” Neto told Chelsea’s media team, “I have worked really hard in my career to be here and I’m looking forward to getting on the pitch with this shirt.”

He becomes the 10th player signed by Todd Boehly and co. this summer following the arrivals of midfielders Kiernan Dewsbury-Hall, Renato Veiga and Omari Kellyman, goalkeeper Filip Jorgensen, defenders Tosin Adarabioyo, Aaron Anselmino and Caleb Wiley, winger Estevao Willian and striker Marc Guiu.

In all the Blues have now spent over £200m in this transfer window as their squad size continues to increase. They have recouped around £90m through the sales of homegrown players Ian Maatsen, Lewis Hall and Omari Hutchinson while Conor Gallagher is expected to join Atletico Madrid for £33m.

Premier League squad lists can have a maximum of 25 players following the end of each transfer window and Chelsea’s first team squad is now coming close to 50.

Neto’s move to Chelsea is now Wolves’ record sale after replacing Ruben Neves’ transfer to Saudi Arabia’s Al-Hilal for £47m last summer.