Chelsea have completed the loan signing of Joao Felix from Atletico Madrid.

The 23-year-old forward joins the Blues until the end of the season for a reported loan fee of €11million (USD 11.8m).

There has been no official disclosure from either Chelsea or Atleti whether a purchase option has been included, though Joao Felix has extended his contract with the Spanish side until 2027.

Joao Felix had been strongly linked with a move to Premier League rivals Arsenal and Manchester United, but it is Chelsea who have made their move, looking to recover what has been a disappointing campaign at Stamford Bridge so far.

Graham Potter has struggled since replacing Thomas Tuchel as head coach in September, with Chelsea languishing in 10th place in the league as well as being eliminated from both the EFL Cup and FA Cup by Manchester City, losing 4-0 at the Etihad Stadium on Sunday.

Joao Felix becomes Chelsea's fourth addition of the January transfer window, following David Datro Fofana, Andrey Santos and Benoit Badiashile.

The Portugal international has struggled for consistency since his nine-figure move to Atletico from Benfica in 2019, though has managed five goals and three assists in 20 games (11 starts) this season for his club.

After reported disagreements with head coach Diego Simeone though, Joao Felix now has the chance to help rescue Chelsea's season in England.

"Chelsea is one of the great teams in the world and I hope to help the team reach their objectives, so I am very, very happy to be here and very excited to play at Stamford Bridge," said Joao Felix.