Chelsea have signed Atletico Madrid striker Joao Felix on a season-long loan for 11 million euros (£9.7 million).
Arsenal and Manchester United were both interested in signing the 23-year-old, but he preferred a move to Chelsea.
The Portugal international has also signed a one-year contract extension with Atletico until June 2027.
“Chelsea is one of the great teams in the world, and I hope to help the team achieve their goals,” Felix said.
“I am overjoyed to be here and even more excited to play at Stamford Bridge.”
Chelsea’s pursuit of Benfica’s Fernandez has been “closed.”
When Atletico Madrid paid Benfica £113 million for Felix in 2019, he became the fifth most expensive player in history.
He went on to score 34 goals and assist 18 times in 131 appearances across all competitions.
Felix was a member of Portugal’s World Cup squad, scoring one goal in five appearances as his country advanced to the quarterfinals.