Chelsea agree £54m deal for Wolves winger Neto

Neto was in Portugal's Euro 2024 squad

Chelsea have agreed a deal worth almost £54m for Wolverhampton Wanderers forward Pedro Neto.

The Portugal winger will have a medical before finalising a move to Stamford Bridge that will take Chelsea's summer spending past £200m.

Chelsea finally struck a deal with Wolves - an initial £51.3m with £2.6m in add-ons - after having two bids rejected.

The Blues' player-plus-cash deal earlier this week - with David Datro Fofana and Trevoh Chalobah mentioned in discussions - was rejected, then a straight cash offer was also turned down on Thursday evening.

The 24-year-old has made 135 appearances and scored 14 goals since joining Wolves in 2019 from Lazio.

If the deal is confirmed, Neto will become Wolves' record sale after Ruben Neves' move to Saudi Arabia's Al-Hilal for £47m last summer.

Chelsea splash out in another transfer window

Omari Kellyman joined Chelsea from Aston Villa for £19m earlier this summer

Chelsea have signed nine players this summer for about £140m.

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 have all joined.

The Blues look set to sign their eighth senior goalkeeper, Mike Penders, for £17m – although he is likely to be loaned back to Genk – and hope to bring in Atletico Madrid forward Samu Omorodion for £34.5m.

If Penders, Omorodion and Neto all join, the 12 summer signings would take Chelsea's spending to more than £240m.

About £90m has been recouped through the sales of Ian Maatsen, Lewis Hall and Omari Hutchinson while Conor Gallagher is expected to join Atletico Madrid for £33m.

Penders, Omorodion and Neto's arrivals would take Chelsea's senior squad - as it is listed on the club's website - to as many as 50 players.

Clubs must submit a Premier League squad list with a maximum of 25 players after the closure of each transfer window but can use as many players under the age of 21 as they wish.

Chelsea's youth-first strategy continues

New boss Enzo Maresca has been given an influx of young players to work with

Chelsea's confirmed summer signings so far have an average age of about 20.5 years old.

Senior players have arrived this summer in Adarabioyo, 26, and Dewsbury-Hall, 25, but recruitment under the age of 23 is clearly the preferred approach.

Since the end of the Roman Abramovich era following the takeover by a Todd Boehly-led consortium two summers ago, Chelsea's spending is now beyond the £1.5bn mark.

Their recruitment strategy will be tested under new manager Enzo Maresca when the Premier League season begins next weekend.