Cole Palmer has signed a two-year contract extension with Chelsea, securing his stay at Stamford Bridge until 2033, according to David Ornstein.
The Blues invested £40 million to acquire the forward from Manchester City last summer, with an additional £2.5 million possible in add-ons. Palmer made an immediate impact, leading the Premier League in goals and assists. His impressive performance last season earned him a spot on the England squad for EURO 2024.
During the tournament, he came off the bench to assist Ollie Watkins' winning goal in the semi-final and scored the equalizer in the final, although England eventually lost to Spain. Chelsea's transfer strategy has faced significant scrutiny over the past two years since Clearlake acquired the club from Roman Abramovich, but Cole Palmer has emerged as a standout success story.
In his first season with Chelsea, Palmer netted 25 goals and provided 15 assists across all competitions, establishing himself as one of the division’s top performers. Although he signed a seven-year contract with an additional one-year option last summer, the club is offering him new terms to reward his outstanding debut season.
Palmer has not participated in Chelsea's pre-season under Enzo Maresca due to his commitments with England at Euro 2024, but he is expected to feature in the season opener against Manchester City on Sunday.
Cole Palmer Chelsea statistics 2023/24
Games 45
Goals 25
Assists 15
The 22-year-old versatile attacker, who can play as an attacking midfielder or winger, previously earned £80,000 a week.
Although his new salary has not been officially confirmed, it has been significantly increased to match the levels of other top players in the squad.
Palmer contributed to 33% of Chelsea’s total goals in the Premier League last season. Nicholas Jackson, the only other player to reach double figures for Premier League goals, scored half as many as Palmer.
Palmer's debut Premier League season with Chelsea was historic, as he surpassed Eden Hazard’s record for the most goals and assists in a single season for the club.
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