Chelsea confirmed the France international, who costs £40million, will wear the No 14 shirt this season at Stamford Bridge.
Bakayoko said: 'I am very happy to be here and to join this great team. I have grown up watching Chelsea. Signing was the natural thing for me because it is a club I loved very much in my childhood.
'I am now looking forward to evolving under this fantastic coach and alongside so many great team-mates.'
The fee is believed to be £40million for a player who will partner international team mate N'Golo Kante in the engine room of the Premier League champions.
While Kante will provide the destructive and energetic side to midfield play, Chelsea will look to Bakayoko for more expansive passing, as well being a physical presence.
Bakayoko had his Blues medical on Friday after the fee was finally agreed between Chelsea and Monaco, with Antonio Conte delighted to have secured a major signing before their pre-season tour of China and Singapore.
The midfielder had been linked with Manchester United - who successfully hijacked Chelsea's attempts to sign Romelu Lukaku - so the confirmation of Bakayoko will be a source of relief to the club as well as happiness.
He had been a long-term target for Chelsea, but knee surgery at the end of last campaign meant the deal took longer to complete than desired, He then had a friendly meeting with new manager Conte, who shook his hand and slapped him jovially on the arm before having a chat.
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