Chelsea might have not made any signings over the summer as a result of their transfer ban but a new contract for Callum Hudson-Odoi would definitely be leaving the Chelsea faithful like they couped a new major signing and rightly so. The Blues have finally secured their prized asset until 2024 in a deal that would please Frank Lampard and could be positive for youngsters at the club as well.

No financial details were released by the club, but the Telegraph has reported that Hudson-Odoi will earn £120,000  per week which over the course of the next five years could earn the 18-year-old a total of £31.2m.

That is a huge pay rise from his previous deal, which was thought to be worth around £22,000-a-week.

As it stands, those numbers would make him the third highest-earning teenager in the world(via the Sun), only beside Atletico’s Joao Felix and Borussia Dortmund’s Jadon Sancho. Putting him in some esteemed company to that effect.

The 18-year-old handed in a transfer request towards the end of the winter transfer window after Bayern made a series of bids, with the final offer totalling £35m as per the Telegraph.

But after earning more minutes in the later months of the season and with the promise of playing a leading role under new manager Frank Lampard, Hudson-Odoi has now opted to stay with his boyhood club at Stamford Bridge.

“It’s an amazing feeling,’ Hudson-Odoi said. “It’s been a long wait but it’s done now and I’m really happy about that. I’ve been a Chelsea player since I was eight and this is the right club for me to be at.

“I want to lift as many trophies as possible, win as many games as possible and contribute to as many goals as I can as well.

“As a team, we just want to work hard to achieve the best results we can. I’m delighted everything has been agreed and now I’m just looking forward to properly getting back.”

Hudson-Odoi enjoyed a breakthrough year under ex-head coach Maurizio Sarri last season, making 22 appearances across all competitions while weighing in with five goals. And despite not featuring under Frank Lampard yet due to an Achilles injury picked up back in April, the Blues boss was quick to realize Hudson-Odoi’s potential and praised the teenager far back as his first media conference as head coach of the club.

As per the club’s official website, Lampard was quoted to have said:

‘I have seen Callum come through and he’s a fantastic talent,’ said Lampard. ‘He is going to be central for us on the pitch and that is the opportunity in front of him now.

‘There are things as a young player that he will want to improve but he can be central to this team and for England. I want to work with him, I want to drive him forward and I want to improve him as a player.

‘Callum can show, right here at Chelsea, the club he came through the Academy at, that he is going to be a world-class player because I truly believe that.’

What the new contract means for Callum Hudson-Odoi and other Chelsea youngsters

Simply put, a new contract for Callum Hudson-Odoi means the club is now leaning towards youth and are ready to embrace their academy products. Chelsea are renowned for their “distrust” to academy youngsters but it would now appear Frank Lampard coupled with the transfer ban has given the club a new approach to things. A positive one as well.

Hudson-Odoi’s deal to 2024 is part of a push at Chelsea to secure their most talented young players to long contracts. He follows Mason Mount and Ruben Loftus-Cheek in committing his future to the club, and talks are under way with Tammy Abraham and Fikayo Tomori. So exciting times ahead for Chelsea youngsters. Right?

Judging from the way Tammy Abraham has started the season as well as Fikayo Tomori’s impressive performances so far, it’s fair to say they will be next to get new bumper contracts as well.

For other Chelsea youngsters, the deal to Hudson-Odoi would be an eye-opener for them that they do have a chance at the club and now any such youngster coming in will indeed be motivated to give his all on the pitch. Knowing he’s not just filling in for a difficult period (transfer ban) but genuinely has a chance under Lampard and a chance for the future as well. Adding the prospect of a potential bumper deal to go with will be the “complete” package yeah? Well lucky you, Billy Gilmour.

While it remains to be seen if Chelsea will go in for a marquee signing to fill the void left by Eden Hazard, the timing and manner of Callum Hudson-Odoi’s new contact could suggest that Lampard and co already see him as the successor to Eden Hazard’s role with the Telegraph even claiming that the teenager could be handed Hazard’s former number 10 shirt once 31-year-old Willian leaves Stamford Bridge – which is only a matter of time anyways.

In a nutshell, Chelsea are now putting faith in youth and it could mark the start of a new and refreshed legacy at the club. It would also potentially save the club of coughing out huge money on players, with the acquisition of Alvaro Morata back then still looking like a sour move, looking back at it.

A change is upon Stamford Bridge – one where Callum Hudson-Odoi could be king and other Chelsea youngsters will follow in his kingdom.