Chelsea completed the signing of Ecuadorian midfielder Moises Caicedo for a reported Premier League record fee of up to £115 million ($146 million) on Monday.

The Blues said the 21-year-old has agreed an eight-year contract at Stamford Bridge, with a club option for a further year, after Chelsea beat off Liverpool for his signature.

It is the second time Chelsea have broken the British transfer record in seven months after spending £107 million on Enzo Fernandez in January.

Liverpool had a £110 million bid accepted on Friday after Brighton had set a deadline for bids.

But Caicedo turned down the opportunity to join the Reds to pursue a move to the Blues.

“I am so happy to join Chelsea!” Caicedo said in a club statement.

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