The Blues identified Argentina World Cup winner Fernandez as a key target earlier in the window but looked set to miss out as Benfica insisted he was not for sale.
Chelsea’s hierarchy launched a fresh move for Fernandez in the final days of the transfer window, however, and finally got their main in a deal worth 121m euros (£106.4m).
The transfer eclipses Jack Grealish’s £100m move from Aston Villa to Manchester City in the summer of 2021, making Fernandez the most expensive signing in Premier League history.
Chelsea were yet to announce the transfer on Tuesday night but Benfica released a statement confirming the deal.
Fernandez only joined Portuguese side Benfica last summer but established himself as one of the most highly-rated players in the world as he helped Argentina triumph in Qatar.
The 22-year-old, who has signed an eight-and-a-half year contract with Chelsea, played in all seven of Argentina’s World Cup matches and was later named young player of the tournament.
Fernandez completed his medical in Portugal on transfer deadline day and will travel to London on Wednesday to join up with his new team-mates.
Fernandez’s arrival at Stamford Bridge takes Chelsea’s January spending to almost £300m, with the Blues paying £89m for Ukraine international Mykhailo Mudryk earlier in the month.
Noni Madueke, David Datro Fofana, Andrey Santos, Benoit Badiashile and Malo Gusto have also arrived in west London on permanent deals, while Joao Felix is currently at the club on loan from Atletico Madrid.
Despite the heavy spending, Chelsea have endured an underwhelming season and are just 10th in the Premier League ahead of Friday’s clash with west London rivals Fulham.
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