Chelsea agreed a deal with PSV on Thursday, with the England Under-21 international receiving permission to travel to London to complete the transfer, a source told ESPN.
Madueke, 20, signed a seven-and-a-half-year contract, with a club option to extend for a further year. Reports suggest the total transfer fee is around €35 million.
“I’m really pleased to sign with one of the best clubs in the world in Chelsea,” Madueke said.
“To return to England and play in the Premier League is a dream for me and my family and I can’t wait to get started. I am excited for what the future holds, the owner’s vision for the future and to be at a club like this and winning at the highest level.”
Added Chelsea chairman Todd Boehly and co-controlling owner Behdad Eghbali: “We’re delighted to bring Noni to Chelsea. He’s an exciting talent who has proven his quality over the past few years with PSV, playing in a strong European league, and we are thrilled he has chosen to join Chelsea for this next stage of his career.
“We are sure he will form an important part of our team.”
Madueke joined PSV’s youth team on 2018 and made his debut with the senior team two years later. Since then, he scored 20 goals and provided 14 assists in 80 appearances.
Formerly a youth team player at Tottenham and Chelsea, Madueke is said to have been tracked by Chelsea head coach Graham Potter for some time.
He now becomes Chelsea’s sixth signing of the January transfer window and is the latest boost to Potter’s attacking options.
Information from Reuters was used in this story.