Mykhailo Mudryk, a forward from Ukraine, has been acquired by Chelsea in a transaction valued up to £89 million.
The 22-year-old has signed an eight-and-a-half-year contract worth 70 million euros (£62 million), plus an additional 30 million euros (£27 million) in bonuses.
“I’m so happy to sign for Chelsea,” said Mudryk.
Mudryk, who scored seven goals in 12 league games for Shakhtar this year, was also sought after by Arsenal.
“This is a huge club, in a fantastic league and it is a very attractive project for me at this stage of my career,” he said.
“I’m excited to meet my new team-mates and I’m looking forward to working and learning under Graham Potter and his staff.”
Mudryk, who has played eight times for Ukraine since his debut in June 2022, attended Sunday’s Premier League match between Chelsea and Crystal Palace at Stamford Bridge.
“He is a young player with exciting quality in the final third. He is very fast and direct and I think the crowd will like him,” said Potter.
He appeared to be on his way to Arsenal, but on Saturday, Shakhtar club president Rinat Akhmetov met with Chelsea co-owner Behdad Eghbali to explore a Chelsea transfer.
“I am convinced Mykhailo will win the respect, sympathy and love of all connoisseurs of world football with his speed, his technique, his bright and beautiful game,” said Akhmetov.
Following the loan signing of Joao Felix from Atletico Madrid and the permanent additions of Benoit Badiashile, David Datro Fofana, and Andrey Santos, Mudryk became Chelsea’s fifth player of the January transfer window.
Since being taken over by a group led by American investor Todd Boehly in May 2022, Chelsea has spent more than £400 million on players.
Boehly, the club’s chairman, and Behdad Eghbali, a co-controlling owner, said: “We are pleased to welcome Mykhailo to Chelsea.
“He’s a hugely exciting talent who we believe will be a terrific addition to our squad both now and in the years to come. He will add further depth to our attack and we know he’ll get a very warm welcome to London.”