London, Aug 14 : England midfielder Frank Lampard became the highest paid player in the Premier League after signing a new five-year contract with Chelsea.
The England midfielder will earn close to 140,000 pounds-a-week, some 9,000 pounds more than the previous top earner, his club-mate John Terry, who extended his stay at Stamford Bridge last year.
It is believed Lampard's wages will drop slightly in the final 12 months of his deal, though, a compromise he accepted in return for such a lengthy contract.
The England star had been linked with a move away from Stamford Bridge for more than a year as negotiations over a new deal continued without a successful conclusion.
However, the 30-year-old has committed himself effectively for the remainder of his top-level career by signing a new five-year deal this evening.
"We've signed my new contract today. I'm personally very happy and I hope I've made the Chelsea fans happy. I've had seven great seasons here and now I can have many more," Lampard told Chelsea TV.
"It's been a difficult summer for many reasons and that was one of the frustrating things, a lot of things were said that were untrue, some things were said that were slightly true and that was frustrating. Now we can put that to bed and concentrate on football," the Daily Express quoted Lampard, as saying.
The England midfielder thanked the club for giving him time to decide on his future following the death of his mother and the fact former Blues boss Jose Mourinho had tabled a bid to take him to Inter Milan.
Chelsea chief executive Peter Kenyon explained the contract talks had taken time because it was a major decision for Lampard.