Premier League giant Chelsea looked to have missed out on one of its key summer transfer targets Saturday when Palermo president Maurizio Zamparini said sought-after midfielder Javier Pastore had signed instead for Paris Saint-Germain.

Zamparini revealed a massive €43 million ($62 million) deal was struck late Friday for the 22-year-old to join the Ligue 1 outfit.

Big-spending Chelsea was thought to be the favorite to secure the talented Argentinian youngster's signature.

The swoop is yet to be officially confirmed by the teams involved, but Zamparini told Radio Radio Saturday, "[We] closed the deal last night around midnight.

"Basically it's the official transfer of Pastore to Paris Saint-Germain based on a €43m fee."

Pastore has been regarded as one of soccer's hottest properties since netting 11 goals from midfield in 35 games last season in Italy's Serie A.

It is thought the youngster will put pen to paper on a five-year deal with PSG.