Cole Palmer is on the verge of a substantial pay increase at Chelsea, less than a year since joining the club from Manchester City in a £42.5 million transfer. The 21-year-old midfielder signed a seven-year contract worth approximately £75,000 per week upon his arrival.

Palmer has thrived at Chelsea, playing a pivotal role in their progress to the FA Cup semi-finals with a goal in their 4-2 victory over Leicester. With 14 goals and 12 assists, he has been the standout performer for the Blues this season, attracting attention not only from his national team but also from other clubs.

Following his impressive performances, England manager Gareth Southgate has called up Palmer for the upcoming friendlies against Brazil and Belgium, having already earned two caps in November. According to the Daily Star, Chelsea’s hierarchy is preparing to reward Palmer for his sensational debut season by offering him an enhanced contract and salary.

The report suggests that Palmer’s salary will nearly double, with him expected to earn around £150,000 per week next season. This figure will put him in a similar earning bracket to some of his more experienced but underperforming teammates. While his immediate focus is on helping Chelsea achieve success in the FA Cup, Palmer also has aspirations of representing England in the Euro 2024 tournament in Germany.

The report further claims that Chelsea will present Palmer with a lucrative long-term contract, ready for him to sign if he secures a place in the national team’s squad for the tournament. In the recent match against Leicester, Palmer was denied the opportunity to take a penalty by Raheem Sterling, who subsequently missed the chance to extend Chelsea’s lead. Former Chelsea striker Jimmy Floyd Hasselbaink criticized the decision, stating that Palmer, as the designated penalty taker, should have been allowed to take it, especially with a 1-0 advantage.