Atletico Madrid have completed the signing of midfielder Conor Gallagher from Chelsea for a fee of around 40 million euros ($44 million), the La Liga side announced on Wednesday.
The transfer looked to be in jeopardy after Atletico striker Samu Omorodion's move in the opposite direction fell through.
Gallagher spent five days in Madrid earlier this month – Atletico confirmed he was at their Estadio Metropolitano while his signing was finalised – but was forced to return to the UK after the Omorodion deal fell through.
Chelsea have reached an agreement to sign João Félix from Atlético after a week of negotiations, which will complete the transfer of Gallagher, who has signed a contract until 2029.
Gallagher personally bid farewell to Chelsea in a post on social media.
He said: “To everyone at Chelsea, thank you for making my dreams come true. It has been an absolute honour every time I have put on the shirt, and it has been a dream come true to captain the team on many occasions.
“I enjoyed every moment. These memories will last forever. I appreciate all the love and support from the fans. Hearing my name sung at the Bridge is a special feeling, and the banner they unfurled meant a lot to me. Thank you for everything. I wish the club all the best for the future and I look forward to seeing you all at Stamford Bridge soon.”
Sources told ESPN that the England midfielder has rejected an offer of a new contract to stay at Stamford Bridge. Chelsea's last proposal to Gallagher was a two-year deal with the option of a third season and included a significant pay rise.
The 24-year-old had previously turned down a move to Aston Villa, while Tottenham have also been monitoring his situation for several months.
Gallagher emerged from the Chelsea academy and established himself in the first team after a successful loan spell at Crystal Palace in the 2021-22 season.
He made 136 Premier League appearances, scoring 18 goals and providing 13 assists.
Atlético have had a busy summer in the transfer market, also signing defender Robin Le Normand and forwards Alexander Sorloth and Julián Álvarez.
ESPN's James Olley, Rodrigo Faez and Alex Kirkland contributed to this report.
