Joao Felix has joined Chelsea on loan from Atletico Madrid until the end of the season.
The Portuguese forward was also a target for Manchester United and Arsenal earlier in the January transfer window.
But Graham Potter has added the 23-year-old in a boost to his stuttering Blues, who currently sit 10 points off fourth in the Premier League.
“Chelsea is one of the great teams in the world and I hope to help the team reach their objectives, so I am very, very happy to be here and very excited to play at Stamford Bridge,” the forward said upon joining.
Felix, who has scored four goals and provided three assists in La Liga this term, fell out of favour with manager Diego Simeone, limiting him mostly to a role off the bench this season.
His exit from the Wanda Metropolitano comes three and a half years after a €126m (£112.9m) move from Benfica, which makes him the third most expensive signing in history.
Felix was, in the words of Atletico CEO Gil Marin, “the biggest bet Atletico Madrid has taken in its history.” He has so far scored 34 goals in 131 games for the rojiblancos.
While he has not been a regular this year, his long-term future still appears tied to the Spanish club as Atletico confirmed a one-year extension to his contract at the Metropolitano, with his deal now running until 2027.
Neither club made mention of any permanent buy option for Chelsea in the loan agreement.
