The 24-year-old has agreed to play for Enzo Maresca's team until the end of the 2030–31 season. He was introduced to the crowd at Stamford Bridge during Sunday's 1–1 friendly with Inter Milan.
Chelsea is apparently going to pay an initial fee of €60m (£51.3m), which could go up to €63m (£54m) based on performance. They have held off interest from some of their Premier League rivals.
Up until now, Arsenal and Liverpool were said to be interested in signing the former Braga and Lazio midfielder. However, two other Big Six teams supposedly tried and failed with late hijack attempts.
It was said that Tottenham Hotspur made a late offer for a player and cash, but it didn't work out. Manchester City also did everything possible to keep Neto from going to Stamford Bridge.
"Really grateful" to play for Chelsea, Neto
Not only did the Citizens fail to stop Neto from going to Chelsea, but the Portugal international was also happy to join the Blues when he spoke to the official club website.
"I'm so glad I joined this club. I've worked hard over the years to get here, and I can't wait to put this shirt on the field," the attacker said.
During Chelsea's friendly draw with Inter, Neto was introduced to the crowd at Stamford Bridge. He came onto the field at halftime, waved, and cheered at the crowd.
The 24-year-old is the ninth permanent deal for the Blues this summer. He joins Marc Guiu, Tosin Adarabioyo, Omari Kellyman, Kiernan Dewsbury-Hall, Renato Veiga, Filip Jorgensen, Aaron Anselmino, and Caleb Wiley in moving to West London.
Neto played for the Wolves for five seasons and had many serious injury problems. He scored 14 goals and set up 24 others in 135 games across all categories.
The Old Gold's sporting director, Matt Hobbs, said that Neto's move to Stamford Bridge was the best for Wolves at the right time.
He told the club's website, "Everyone knows the player Pedro is—he's a world-class winger who has been so unlucky with injuries, so we'll miss him on the pitch, but we'll also miss his energy and the way he got along with so many people around the training ground."
We and Pedro can work out a deal, but that doesn't improve things.
"We get players like Pedro because this is how we do things.
Not everyone will like it, but we deserve a lot of credit for how we bring players in, how we care for them, how much they love the football club, and the clubs they go to after leaving for the fees they're asking for."
It's a good move for the club at this time. Being able to look at someone as a business is hard when everyone likes them so much as a person. But football is a business, and it was the right time and deal, so the football club is happy.
"We've been working on goals and options, and that work will continue." Gary O'Neil and I have talked about it more than once since then, but we did talk about it before because we thought it would also likely happen this summer.
Neto should play his first game for Chelsea's first team when they host Man City on August 18 to start the new Premier League season.
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