- Associated Press - Tuesday, July 1, 2014

LONDON (AP) - Chelsea has an agreement to sign Diego Costa from Atletico Madrid after paying the striker’s buyout clause on Tuesday.

Spanish media reported Costa’s buyout clause was worth 38 million euros ($51.9 million).

The Brazil-born Costa scored 35 goals last season to help Atletico win its first Spanish league title in 18 years and reach the Champions League final, knocking out Chelsea in the semifinals. However, the 25-year-old forward failed to impress in Spain’s underwhelming title defense at the World Cup.

After twice being loaned out to smaller Spanish clubs, Costa had a breakout season in 2012-13 under coach Diego Simeone en route to Atletico winning the Copa del Rey.

Also on Tuesday, Chelsea announced a one-year contract extension for Australia goalkeeper Mark Schwarzer, who arrived on a free transfer from Fulham last summer and was backup to Petr Cech.

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