In a sensational development that could redefine the Premier League transfer market, Manchester City are reportedly preparing an unprecedented move to bring Cole Palmer back to the Etihad. Pep Guardiola is believed to be so impressed by Palmer’s meteoric rise at Chelsea that he is ready to sanction a staggering €170 million deal — a fee that would break all existing British transfer records.
Palmer, who left Manchester City for Chelsea in 2023 for a relatively modest €47 million, has since evolved into one of world football’s brightest young stars. In just two seasons, the 23-year-old has gone from being a promising academy graduate to becoming Chelsea’s talisman and one of the most talked-about forwards in the global game.
His performances at the recently concluded 2025 FIFA Club World Cup were nothing short of phenomenal. The Englishman played a starring role as Chelsea demolished Paris Saint-Germain 3–0 in the final — with Palmer netting twice and running the show. That display appears to have reignited Guardiola’s admiration for a player he once nurtured but let go.
Guardiola, known for his meticulous attention to talent development, is now reportedly determined to correct what many at City now view as a premature sale. Sources close to the Etihad suggest that the Catalan tactician sees Palmer not just as a reinforcement, but as a long-term cornerstone for the club’s next era.
However, bringing Palmer back won’t be simple. Chelsea have no intention of letting go of their main man without a fight. Palmer is under a long-term contract at Stamford Bridge, and any negotiations would start north of the €170 million mark — a price tag that would surpass the British transfer record currently held by Jude Bellingham’s move to Real Madrid.
Palmer’s market value has skyrocketed thanks to his incredible consistency and flair. With 29 goals and 18 assists across all competitions last season, he was not only Chelsea’s top scorer but also the Premier League’s most complete attacking midfielder. His ability to influence games from any attacking position has earned him comparisons to legends like Kevin De Bruyne — ironically, the man he could one day replace at City.
Interest in Palmer is not limited to City alone. Paris Saint-Germain have also made discreet inquiries, impressed by the very performance that helped defeat them in the Club World Cup final. However, Palmer is reportedly not keen on a move abroad just yet, especially with a return to Manchester under Guardiola’s guidance on the table.
Adding fuel to the fire, Palmer has continued to maintain strong ties with several former teammates and staff at City. His recent comments during an interview — where he mentioned that “City shaped me into who I am today” — have only heightened speculation that a reunion may be on the horizon.
Financial experts believe that Manchester City, despite FFP limitations, could structure the deal in a way that makes it feasible — possibly involving performance bonuses, sell-on clauses, or staggered payments over multiple seasons. But the pressure will be on Chelsea to weigh up the financial gain against the sporting loss of their most valuable asset.
The emotional aspect of the deal cannot be overlooked either. For Guardiola, bringing Palmer back would represent both a footballing and philosophical triumph — reclaiming a player developed in City’s own academy who has now matured into one of the best in Europe.
As of now, no official bids have been submitted, but with the transfer window in full swing and City looking to reinforce their squad after narrowly missing out on a quadruple last season, this story is far from over. One thing is certain: if Guardiola gets his way, Manchester City may soon be home again to Cole Palmer — this time, as a superstar.