Joao Pedro has signed a new long-term contract with Chelsea, committing himself to the club until 2034.
The 24-year-old Brazil international joined Chelsea from Brighton last summer in a deal worth an initial £55m, plus £5m in add-ons. He scored 20 goals in all competitions in his first season at the club, having played a key role in their Club World Cup success.
"I am very happy to sign a new contract with Chelsea," Joao Pedro said. "I always dreamed of playing for a big club, and it means a lot to me to give my long-term commitment to this club. Chelsea has a long tradition of winning and it has big ambitions for the future."
Joao Pedro's new deal was announced as running until 2034, but in reality, the contract itself runs until 2032 with a further two-year option. Chelsea typically include those club options when stating the length of a player's contract in official announcements.
The new contract is a reward for Joao Pedro's impressive performance last season, where he became the first Chelsea striker since Diego Costa to score 20 goals in a campaign without taking penalties. He also netted three times during Chelsea's Club World Cup-winning campaign last summer and has eight goals in seven pre-season matches.
Joao Pedro is likely to start Chelsea's Premier League opener at Fulham on Monday, with new signings Danny Welbeck and Emmanuel Emegha expected to provide cover this season. His success has led Chelsea to hand him the number nine shirt, with Liam Delap relinquishing it.
Delap is available for transfer for about £50m and is attracting interest from Nottingham Forest and Leeds United. Chelsea intend to hand out a number of new contracts to key players after the transfer window closes, with Levi Colwill and Estevao Willian among those likely to be considered.
The strategy behind Joao Pedro's new contract is designed to protect their investment and incentivise strong performances. Barcelona have been keen on the striker, and Chelsea's decision to extend his contract on improved terms suggests they are committed to keeping him at the club.
Chelsea operate a strict wage structure, but are keen to incentivise strong performances by allowing players to move up wage bands. They did so with Cole Palmer after his impressive form and also with Nicolas Jackson, who moved from an entry-level salary to a more established wage bracket after joining from Villarreal.
The new contract is a significant boost for Chelsea, who are looking to build on their success in the Club World Cup. With Joao Pedro committed to the club for the long term, they will be hoping to achieve even more in the seasons to come.
Source: BBC Sports