The 24-year-old becomes the Blues’ ninth signing of another busy transfer window for the London club since a takeover two years ago by a consortium fronted by LA Dodgers co-owner Todd Boehly.

Chelsea have now spent around £185 million in the past few months, much of which has been splashed on prospects for the long-term.

By contrast, Neto is expected to go straight into Enzo Maresca’s first team plans ahead of their Premier League opener at home to Manchester City next weekend.

“I feel really grateful to have joined this club,” said Neto in a club statement.

“I have worked really hard in my career to be here and I’m looking forward to getting on the pitch with this shirt.”

Neto was paraded to the home crowd at half-time of Chelsea’s pre-season friendly against Inter Milan at Stamford Bridge on Sunday.

He joined Wolves in 2019 from Lazio and scored 14 goals in 135 appearances, but his time at Molineux was also blighted by injury problems.

“Everyone knows the player Pedro is – he’s a world class winger who has been so unlucky with injuries, so we’ll miss him on the pitch obviously,” said Wolves’ sporting director Matt Hobbs, after receiving a club record fee.

“The deal is one that works for us and Pedro, but by no means does it make it any easier.”

© Agence France-Presse

Photo: GSI/Icon Sport via Getty Images