After being rebuffed in their bids to bring in John Ruddy from Norwich, Chelsea decided to sign the experienced Mark Schwarzer on a free transfer.
The Blues were desperate to land a proven backup to Petr Cech, and have finally got their man with the Australian international penning a one-year contract after the 40-year-old was released by Fulham earlier this summer.
"Chelsea Football Club is delighted to announce the signing of goalkeeper Mark Schwarzer on a free transfer," the club said in a statement on their official website.
"The Australian international has signed a one-year contract that will keep him with the club until next summer's World Cup in Brazil."
Schwarzer said he had no hesitation once he realized Chelsea were interested in sealing his signature.
"It's a phenomenal club," Schwarzer said. "It's one of the biggest and best clubs in the world, and it's an honor to sign for Chelsea. I didn't take much convincing to come here.
"There were other interests but once I knew Chelsea was interested it was very much the case that I wanted to try and make it happen. I'm very fortunate and delighted to be sitting here today.
"There were a lot of things that ticked all the boxes, but most of all Chelsea Football Club is an enormous club and I think a club that can re-establish itself as the best club in the country. It has an unbelievable manager and an unbelievable squad of players and it's very exciting."
Schwarzer admitted Cech would be the obvious No.1 goalkeeper at the club, but is looking forward to the challenge of pushing the Czech international for a first team place.
"I know that Petr is No.1," he added. "That goes without saying. He's a fantastic goalkeeper.
"But what's important is that I can come to a club like Chelsea and push myself as much as possible.
"If I can push Petr Cech to improve as a goalkeeper and help myself improve as a goalkeeper, I'm sure we can learn a lot from each other and I'd be more than happy with that.
"There are a lot of games throughout the season so if I can do as well as I believe I am capable of doing then there will be opportunities along the way."