Cole Palmer: Chelsea ‘set world-record asking price’ after ‘rejecting’ £149m Man City offer

Chelsea have rejected a British-record £149m (€170m) offer from Manchester City for star playmaker Cole Palmer, according to a report.

The 23-year-old is a product of the Citizens’ academy and was on the books at the Etihad Stadium for 13 years before completing a £45m transfer to Chelsea in the summer of 2023.

After starting only 13 of his 41 senior appearances for Man City, Palmer decided to leave the club in search of regular first-team football and he has since established himself as one of the Premier League’s best players at Chelsea.

Palmer recorded 27 goals and 15 assists in 48 games in a magnificent debut campaign for the West Londoners in which he received the 2023-24 PFA and Premier League Young Player of the Season awards.

The England international contributed with 15 goals and 12 assists in 46 appearances last season to help Chelsea win the Conference League and qualify for the Champions League courtesy of fourth-placed finish in the Premier League.

Man City told to pay £250m to re-sign Palmer from Chelsea

Palmer’s dip in form during the second half of last season is now a thing of the past for Blues supporters, who watched the playmaker enhance his reputation on the global stage at the FIFA Club World Cup earlier this summer, with Chelsea’s new No.10 contributing to all three goals (two goals, one assist) in an impressive 3-0 win over Paris Saint-Germain in the final.

His development at Chelsea is understood to have caught the attention of his former club Man City, with recent reports claiming that Pep Guardiola is determined to bring him back to the Etihad ‘at all costs’.

According to Fichajes, Man City launched a whopping £149m (€170m) offer to sign Palmer, a figure that would eclipse the British-record £100m (plus £16m in add-ons) fee that Liverpool forked out to sign Florian Wirtz earlier this summer.

However, the reports adds that Chelsea have said no to the offer, with club directors making it clear that they would only be willing to enter negotiations if they receive a world-record bid of £250m.

The most expensive transfer of all time currently stands at the €222m (£200m) that Paris Saint-Germain spent to lure Brazilian star Neymar from Barcelona in the summer of 2017.

Palmer focused on Chelsea as record Man City return seems highly unlikely

Palmer is considered as an integral member of Enzo Maresca’s first-team squad heading into the new campaign and the Blues are under no pressure to part ways with the fans' favourite, who is under contract at Stamford Bridge until June 2033.

After winning the Club World Cup and being named the Player of the Tournament, Palmer was full of praise for Maresca and believes that the Chelsea boss is “building something special” at Stamford Bridge.

Man City, meanwhile, already have a variety of attacking options at their disposal, with Guardiola adding summer signing Rayan Cherki to his ranks following the departure of club legend Kevin De Bruyne.

While talisman Erling Haaland continues to lead the line, Cherki is set to battle for regular starts in the final third with the likes of Phil Foden, Omar Marmoush, Jeremy Doku, Savinho, Oscar Bobb and new captain Bernardo Silva in the 2025-26 season.