Cole, 22, leaves West Ham United FC for a €9.3m fee after the club's relegation from the English Premiership, where Chelsea finished fourth last season. Later on Wednesday night, the 28-year-old Argentinian international Verón tied up his €21.2m transfer from Manchester United FC after passing a medical. Both players have agreed four-year contracts.
Chelsea have now spent more than €82m since Russian businessman Roman Abramovich bought the club last month. Both players, along with other new signings Glen Johnson, Damien Duff, Geremi and Wayne Bridge, will be eligible to meet MŠK Žilina in next week's Champions League third qualifying round first leg in Slovakia.
'I am ready'
Having progressed through the youth ranks at West Ham, Cole said of his move: "I am looking to learn off the players we have got here. First and foremost, the challenge is to get into the side when you come to a club like this, but I am ready for that and I will always give 100 per cent every game."
'Back at Chelsea'
He added: "I used to come to Chelsea to watch, I used to sit in the Shed a lot - I used to love watching Dennis Wise and before that Kerry Dixon. I just love my football. I settled at West Ham because I felt most comfortable there. I had an enjoyable time there but now my career has come full turn and I am back at Chelsea. It is such a great club to be at."
Speaking to the club's official website, Chelsea chief executive Trevor Birch said: "Today we have bought a young Englishman with huge potential and a great champion who can lead us on to better things. It has been a marvellous day for Chelsea."
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