The 18-year-old is widely regarded as one of the best young attacking talents on the planet, earning the nickname ‘Messinho.’
Chelsea wasted no time in securing his services, signing him for a reported fee of £29 million with bonuses that could see it increase to £56 million.
Estevao will remain with Palmeiras before joining up with Chelsea after the FIFA Club World Cup, something he has admitted won’t be easy.
Estevao told ESPN Brasil: "It means everything. It's a dream come true for me. I've always dreamed of playing in Europe alongside the best.
“Playing in important competitions, such as the Champions League and the Premier League. It's a dream come true. It will be very important for my life.
"It's a dream of mine and my family's. It will be an incredible opportunity to play for one of the biggest clubs in the world.
“And I hope to get there and adapt as quickly as possible. I want to play. It's the thing I love doing most, what I enjoy most."