Chelsea have completed the signing of 20-year-old Brazil international Oscar dos Santos Emboaba Junior.
The transfer, which has been the subject of lots of speculation over the last few weeks, continues a recent string of moves aimed at bringing down the average age of players at the Stamford Bridge club.
Oscar now joins the likes of new signings Eden Hazard and Marko Marin at the heart of the Chelsea midfield.
A statement on the club's website reads:
Chelsea Football Club is delighted to announce the signing of Oscar. A 5ft 10in (1.79m) attacking midfielder who can play wide, he has a reputation for good pass-and-move football, protecting the ball and choosing the right moment to play passes.
He is currently part of Brazil's squad at the London Olympics. He played in the 2-0 win over Great Britain in the warm-up game last Friday.
Last week, the Brazil international told the media that he had had a medical with Chelsea, but would wait until after the Olympics to resolve his future. From BBC Sport:
I only had a meeting with the doctor, nothing else. I haven't signed any contract yet. I will wait until the end of the Olympic Games to decide my future. All Brazilian players have this dream. I have, like everybody, the dream to play in Europe and the Premier League.
It is believed that Chelsea’s success in the Champions League last season is the reason for club owner Roman Abramovich’s enthusiastic spending this summer.
These string of new signings mean that the future of the current Chelsea players like Michael Essien, Florent Malouda and Frank Lampard remains in doubt. However, its better to be over-staffed than under-staffed and the experience these players bring could be key to Chelsea next season.
With the start of the Premier League season fast approaching, Chelsea's intent in the summer transfer window has shown they have designs on winning the big trophies this season. Rival clubs will need to watch out.