Chelsea have signed Cole Palmer from Manchester City for an initial £40m. The Blues could pay a further £2.5m in add-ons, boosting Mauricio Pochettino’s squad. Palmer becomes Chelsea’s 13th signing of the summer and has penned a seven-year contract with an option to add a further 12 months to his stay at Stamford Bridge. FOLLOW LIVE - Transfer Deadline Day Latest: Ryan Gravenberch on brink of Liverpool move as Man Utd sign Turkish goalkeeper “I’m excited to get started and it feels great to sign,’ said Palmer. “I’ve joined Chelsea because the project here sounds good and because of the platform I will have to try to showcase my talents. “It is a young and hungry squad and, hopefully, we can do something special here.” While co-sporting directors Laurence Stewart and Paul Winstanley said: “Cole arrives with experience of winning the Premier League and Champions League and adds further quality and versatility to our attacking unit. ‘He has showcased his talent and potential in the most challenging environments and delivered on the international stage for England this summer at the European Under-21 Championships. He is undoubtedly ready for this next step and we are delighted it will be with Chelsea.” :: Get all the latest football betting sites offers here and the latest odds on transfer deadline day deals here. Read More Deadline day latest LIVE: Premier League transfers as the window prepares to shut Transfers latest LIVE: Premier League updates ahead of deadline day How Lukaku, football’s nearly man, became Mourinho’s ideal signing