Colombia striker, Rademal Falcao, will return to the Premier League on another season-long switch from Monaco after spending an unhappy 2014-15 campaign at Manchester United.
The London club have agreed terms with Monaco over the season-long loan of the striker.
The Colombian international, who was a £50 million signing for the Ligue 1 side in 2013, will spend the duration of the 2015-16 campaign at Stamford Bridge.
“I am very happy to be joining Chelsea and can’t wait to start training and help with our aim of retaining the league title and being successful in Europe,” Falcao told the club’s official website.
Chelsea’s Mario Pasalic, a 20-year-old Croatian midfielder, who spent last season at Elche, will join Monaco on loan as part of the deal.