Cole Palmer has revealed his delight at signing a new long-term contract extension at Chelsea.

It emerged earlier on Tuesday that Palmer had put pen to paper on a two-year extension which takes his current deal as far as 2033 with an increased salary as a reward for his sensational form across his first season at Stamford Bridge.

Chelsea confirmed Palmer’s extension shortly after, congratulating the 22-year-old on his new deal.

“I’m delighted to sign this new deal,” Palmer said.

“I achieved a lot in my first season here and hopefully I can continue to experience great things at this club, both on a personal level and in terms of bringing success and trophies to Chelsea.”

Having initially been on a contract worth around £80,000 per week, The Telegraph state Palmer’s wage is now more comparable to midfield partners Enzo Fernandez and Moises Caicedo, who earn over £120,000.

Chelsea’s contract policy is based around typically lower base wages but includes significant incentives allowing players to increase their earnings through their on-field performances and the club’s success.

Many players’ contracts include clauses cutting their wages while they are not playing in the Champions League, but promising significant compensation if they can lead the team back to Europe’s top competition.

It is claimed that the average wage of Chelsea’s senior squad is now just £60,000-a-week, compared to the £200,000-a-week under the previous ownership of Roman Abramovich. Raheem Sterling is the current top earner at over £300,000-a-week.

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