Joao Pedro has become the 18th forward to sign for Chelsea in just over three years under their current owners.
He joins from Brighton in a deal worth £60m, taking their total spending on attackers in that period to £560m.
And the 23-year-old could go straight in to the squad for Chelsea's Club World Cup quarter-final with Palmeiras on Saturday in Philadelphia.
Typically for a Blues signing, Joao Pedro has signed a long contract – eight years – although the club can no longer spread the cost of his transfer over the length of the deal after that loophole was closed by the Premier League.
The Fluminense youth product scored 30 goals in 70 games for Brighton after joining from Watford in 2023 for just under £30m, which at the time was a club record fee.
"Everyone knows this is a big club with a great history," he said. "They had brilliant players in the past and have brilliant players now, so I am excited to join and you know when you are a Chelsea player you must think one thing – win."
Brighton head coach Fabian Hurzeler said it was a "good move for all parties".
"It's an excellent deal for the club, and a good return on a significant investment in an area of the pitch where we have a lot of competition and are already well served in terms of our attacking talent," he added.
"It's also an exciting move for Joao – it gives him the opportunity to play Champions League football this coming season, and he will of course be keen to cement his position in the Brazil team before the World Cup next summer."
Chelsea's spending looks set to rise further. They have had a £55m bid for English winger Jamie Gittens, 20, accepted by Borussia Dortmund.
Once Chelsea's move for Gittens goes through, they will have added Gittens, Joao Pedro and Liam Delap to an already strong attack featuring Cole Palmer, Nicolas Jackson, Pedro Neto, Noni Madueke, Christopher Nkunku, Marc Guiu and Tyrique George.
Estevao Willian is also joining the club after the Club World Cup as he prepares to face Chelsea with Palmeiras on Sunday.
It might feel as though Chelsea are almost doing deals just for the sake of it, but there is a specific plan.
The signing of Joao Pedro is expected to add competition for the number nine and 10 positions, with Nkunku expected to leave.
Gittens will come in as a left winger and replace Jadon Sancho after his loan spell from Manchester United was not made permanent. It's also worth noting Mykhailo Mudryk remains provisionally suspended for a failed drugs test.
Delap comes in to add competition for Jackson in the number nine position, with Chelsea having looked short up front last season.
Chelsea are not forcing any of the players in their Club World Cup squad out but could accept substantial offers for Madueke or Jackson, who are not deemed untouchable like Palmer is at Stamford Bridge.
It's worth noting Chelsea have eight attackers for four forward positions, but we haven't mentioned the likes of midfielders Enzo Fernandez and Andrey Santos, who often play as number 10s as well.
The prospect of loaning out Guiu and George, both 19, remains open. They played a substantial part in last season's Conference League campaign, but Chelsea need to strengthen the squad now they are back in the Champions League.
The likes of exiled attackers Raheem Sterling, Joao Felix and Armando Broja remain at the club and are available for sale.
Chelsea's deal for Joao Pedro takes their spending on initial transfer fees to £1.32bn in seven transfer windows, including this one, under their current ownership.
The expected arrival of Gittens would mean the club's outlay surpasses £1.5bn in three years once you include potential add-ons and Joao Felix's loan fee. Even taking into account sales, their net spend is £1.07bn.
Chelsea's gross and net spends were the most in the Premier League in their first three transfer windows under the current owners.
The club have been quiet in the past two winters but spent the most again last summer – though their net spend was only the seventh highest – and are on course to be the Premier League's biggest spenders once more ahead of the new season.
More than £560m, or 43%, of Chelsea's spending on guaranteed fees has been on 18 attacking players. Thirteen of those have made their debut for the Blues, with mixed returns so far.
By buying younger players on lower wages and spreading the payments over long-term contracts, Chelsea's strategy is to unearth new stars and sell on unwanted talent for a profit.
But their ability to further bolster their ranks may be determined by the Premier League's response to the sale of their women's team to parent company BlueCo for £198.7m – a process that put the wider business into profit.
This move gave them "headroom" under the Premier League spending rules, while Chelsea's finances are also being boosted by playing in next season's Champions League and the Club World Cup run.
Edu Rubio, former West Ham, Crystal Palace and Wolves coach:
Some may wonder 'why this signing?' but for me, Joao Pedro is exactly what Chelsea need. He also falls into the category of young player with potential, to bring more revenue in a future sale, of course; but he is Premier League tested and proven, he is not a gamble.
He can come short, hold the ball and link up play to help the team with their attacks. He can offer Liam Delap space for forward runs, which will stretch the opposition and offer Chelsea more pockets and options in the final third.
Joao offers more of a much-needed presence in that final build-up than Nicolas Jackson. His ideal position is striker but he can also play as a false nine and offers Enzo Maresca more options.
His work off the ball and physicality will also support the style and DNA that Maresca is looking to build on in his second year at the helm. Joao's stats in penalty kicks, assists and open-play goals are also impressive. He definitely brings a new game dimension to Chelsea.
He has not gone past 11 league goals in a season so there might be a question mark there. Can he become a top player now that he is in a Champions League team?
