have confirmed the signing of from Manchester City in a deal worth £40m, with £2.5m in add-ons.
The versatile attacking midfielder has signed a seven-year contract with Chelsea, with the club holding an option for a further year.
The 21-year-old made 41 appearances for the champions across all competitions after coming through their youth set-up.
The Under-21 star scored a memorable goal in the Community Shield against Arsenal last month and netted again in the UEFA Super Cup against Sevilla as it appeared he was making strides towards more regular first team football with City.
However, he has opted to continue his career elsewhere, moving to Stamford Bridge and signing a long-term contract with the Blues.
Palmer posted on Instagram: ‘ has been a part of my life for 15 years and it’s all I’ve ever known since the age of 6.
‘I have been very lucky to work with some amazing people along the way. To the coaches the staff, the physios and to all the people behind the scenes. I am very grateful and just want to thank you for helping me become who I am today.
‘Also I would like to thank my team mates for the most amazing memories we created on and off the pitch together. I will never forget them, it was an honour to play with you all and I wish you all the best of luck.
‘Thank you to Pep Guardiola and his staff for the opportunity’s to play for this amazing club and giving me the memories only a small few can ever dream of, I will be forever grateful.
‘Finally to the fans, thanks for all the support you have shown me as one of your own. @mancity will always hold a special place in my heart.
‘All the best. Cole ?’
Co-sporting directors of Chelsea Laurence Stewart and Paul Winstanley said: ‘Cole arrives with experience of winning the Premier League and Champions League and adds further quality and versatility to our attacking unit.
‘He has showcased his talent and potential in the most challenging environments and delivered on the international stage for England this summer at the European Under-21 Championships. He is undoubtedly ready for this next step and we are delighted it will be with Chelsea.’
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