The Ecuador international opted to join Chelsea after a bidding war with Liverpool in 2023
Moises Caicedo says his "dream is to become a Chelsea legend" after signing a lucrative new contract with the club until 2033.
The Ecuador international, 24, had been pushing for improved terms on the back of helping the club win the Conference League and Club World Cup last season.
His previous eight-year contract was signed after his move from Brighton in 2023 for a then British-record £100m deal, rising to £115m, which has since been surpassed by Liverpool's £125m signing of striker Alexander Isak.
"I am so happy to have extended my contract at Chelsea," said Caicedo. "I believe in this team, this club and I know we're going in the right direction. We've only just begun together.
"There is still a lot more to achieve, and I'm very hungry to keep improving every day. I want to win more trophies with Chelsea and give everything for this club and for the fans.
"We have enjoyed some great times together already and my dream is to become a Chelsea legend, and I will work as hard as possible to make that happen."
BBC Sport had reported on Thursday that Caicedo had agreed his new contract.
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The deal is the second in a series of renewals designed to reward Chelsea's top performers, with captain Reece James the first to sign and the club negotiating at least one further agreement before the end of the season.
Chelsea had also agreed a similar pay rise for positive performances to Cole Palmer early last season, showing a willingness to reward star performers, albeit in an incentive-based structure which is adjusted for hitting certain targets like Champions League qualification.
Chelsea regard Caicedo as one of the best midfielders in the world and he is among the club's captains.
Caicedo was the only player to start every Premier League match last season under former boss Enzo Maresca, while this campaign he has also been ever-present, playing 42 times and scoring five goals from defensive midfield.
Meanwhile, midfielder Enzo Fernandez and defender Levi Colwill are among those known to have discussed potential new contracts in the past six months.
However, Fernandez is returning from a two-game internal ban following comments made during international duty about wanting to live in Spain's capital, amid continuing links with Real Madrid.
After the ban was announced by head coach Liam Rosenior, Fernandez's agent Javier Pastore said "[he] deserves much more than he is currently earning," in a lengthy interview with the Athletic.
Chelsea next face Manchester United at Stamford Bridge on Saturday (20:00 BST), with the club sixth in the Premier League and chasing Champions League qualification.
DW News 
