Premier League news: Diego Costa set to sign a new 5-year contract with Chelsea

It was initially reported during the January transfer window that Diego Costa was set to leave Chelsea in the summer and move to China after he had reportedly received a £30 million-a-year offer from Tianjin Quanjin. But now, the Brazilian born Spanish striker has taken a U-turn and is set to commit himself to Chelsea by signing a new five year deal.

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Chelsea are yet to comment on this, but it has been said that the former Atletico Madrid forward is set to earn around £220,000 a week, which comes up to around £57 million and if you include his bonuses, the striker could be set to make £65 million.

It is said that Diego Costa and his representatives have already agreed on his new contract in principle with the Chelsea officials and are just waiting for the appropriate time to make it official.

This deal is set to make Diego Costa the highest paid player at Chelsea taking over from Cesc Fabregas, who currently earns the most. This would also put him on the list of the top five earners in the Premier League, which Wayne Rooney leads on £300,000 a week.

Chelsea manager Antonio Conte said that everything between him and Costa is fine now after their bust up earlier this year saying "he is very happy to stay with us."

"Is everything calm now? Yes. Diego is a really important player. The situation is very clear. He is very happy to stay with us. He is very happy to fight for the title. Will he stay here for a long time? Yes, I think so. I think so. I see him every day and I see his commitment, his behavior is very involved in the team. He loves this club."

Chelsea are one of the few clubs around the world who know how difficult it is to find a top class striker at the moment and they hit the jackpot when they signed Diego Costa from Atletico Madrid in 2014. Prior to getting Costa, Chelsea had a hard time finding a suitable replacement for one of their greatest strikers in Didier Drogba.

They tried their luck with Fernando Torres, Samuel Eto'o, Radamel Falcao and Loic Remy but all of them could get among the goals regularly at Chelsea so it comes as no surprise that Chelsea have decided to spend a huge amount of money to convince Diego Costa to stay in the Premier League.