Hottest Football Transfers: Chelsea sign Spain striker Costa from Atletico

Chelsea have signed Spain World Cup striker Diego Costa from Atletico Madrid, the Stamford Bridge club said in a statement on Tuesday.

The transfer fee was not disclosed but Costa's buyout clause at Atletico is about 40 million euros ($54.56 million).

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Brazilian soccer star Kaka signed a multi-year contract on Tuesday with Orlando City, a new Florida franchise scheduled to join Major League Soccer in January 2015.

Team spokesman Jhamie Chin said the club would not release the length of the contract or the dollar amount. The club's Brazilian-born owner, Flávio Augusto da Silva, said on his Facebook page that the deal was for three years through the end of the 2017 season.

Kaka, 32, on Monday opted out of his deal with AC Milan and flew to Orlando for the signing and the official announcement. He will be formally introduced to fans on Tuesday afternoon at a downtown World Cup viewing party featuring the USA team against Belgium for a place in the quarter-finals.

“This is one of the biggest signings Major League Soccer has ever had. Kaká could have gone to any team in the world and he chose Orlando,” Chin said.

The deal with Orlando allows Kaka, whose full name is Ricardo Izecson dos Santos Leite, to play for six months through the end of this year for his home club, São Paulo.

Chin said Kaka called the move a “dream,” adding that he was looking forward to helping realize the team's plan to become global soccer powerhouse.

“I think when (team owner) Flavio explained that to Kaka and showed him the interest that was building in Orlando, it was a no-brainer for him,” Chin said.

Kaká, an attacking midfielder, won the Ballon d'Or and FIFA World Player of the Year awards in 2007, and played for the World Cup-winning Brazil national team in 2002.

Chin said the signing was almost as significant as Englishman David Beckham’s 2007 move to the Los Angeles Galaxy.

Beckham currently is trying to bring an MLS franchise to Miami.

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England defender Ashley Cole and Cameroon striker Samuel Eto'o have left Chelsea but former Australia goalkeeper Mark Schwarzer has signed a new one-year deal, the club said in a statement on Tuesday.

Eto'o and Cole, both 33, had been expected to leave the Premier League side after their contracts came to an end last month.

Cole spent eight seasons at Chelsea after joining from Arsenal. He made 338 appearances and helped them to Champions League glory in 2012 and the Premier League and FA Cup double in 2010.

He retired from the England side after missing out on a place in Roy Hodgson's 23-man squad for the World Cup in Brazil.

Eto'o arrived from Russian team Anzhi Makhachkala, scoring nine goals in 21 league appearances in his one season at StamfordBridge.

Schwarzer, 41, made 13 appearances for the club last season after joining on a free transfer from Fulham.

In December he became the oldest player to make his debut in the Champions League when he featured against Steaua Bucharest.

Schwarzer will again provide cover for Czech Petr Cech and potentially young Belgium international Thibaut Courtois who could return to the club after spending three seasons with Atletico Madrid.