The Blues have splashed the cash ahead of the 2026/27 season - including a whopping £117M club record deal for Morgan Rogers - but Joao Pedro remains central to Xabi Alonso's plans.
The Brazil international joined Chelsea from Brighton & Hove Albion in July 2025, as part of a £55M transfer, and he bagged 20 goals in all competitions in his debut 2025/26 campaign - including 15 in the Premier League.
Alonso has also given him the No.9 shirt this summer - in place of the exiled Liam Delap - and the contract update increases his deal by an extra 12 months from its original terms.
"I'm very happy to sign a new contract with Chelsea," the 24-year-old stated after penning the new deal.
"I always dreamed of playing for a big club, and it means a lot to me to give my long term commitment to this club. Chelsea has a long tradition of winning and it has big ambitions for the future.
"I have a very good relationship with everyone at the club and I've felt at home here in London from the moment I joined.
"Everyone is very excited for this season. We know we can achieve a lot of things, we have a great team, we have a coach who wants to win and has won already. I'm fully committed, everyone is ready and hopefully we can achieve our targets."