Chelsea recruited Enzo Fernandez after paying the midfielder's EUR 121 million (USD 131 million/GBP 106 million) release clause in a record-breaking deal.
An agreement between the two clubs over how Chelsea would pay the release price for the 22-year-old, who has signed an eight-and-a-half-year contract, was made, according to a statement from Benfica as per ESPN.
The deal surpasses Manchester City's previous Premier League record payment of GBP 100 million for Jack Grealish's transfer from Aston Villa in 2021.
Despite the fact that Chelsea had yet to officially announce the transaction, the paperwork was reportedly submitted on schedule and before Tuesday at 2300 GMT.
The 22-year-old made an impact for Argentina in their 2022 World Cup victory, earning Young Player of the Tournament honours.
He joins Benoit Badiashile, David Datro Fofana, Andrey Santos, Mykhailo Mudryk, Noni Madueke, and Malo Gusto as Chelsea's seventh additions to the team during a busy January transfer window.
Although Roger Schmidt, the manager of Benfica, did not want to see Fernandez depart, he had previously stated that if a club met the player's release clause.
Fernandez joined Benfica in 2022 after leaving the Argentine team River Plate. He has since played 29 matches across all competitions, contributing four goals and seven assists.
Since being acquired by an investment group led by Todd Boehly and Clearlake Capital last year, Chelsea has spent more than £500 million on players overall.
In the Premier League, Chelsea is currently in 10th place, 10 points off of the top four. On Friday, they will host their rivals Fulham in the Premier League.
( With inputs from ANI )
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