Cole Palmer is increasingly dissatisfied at Chelsea, with English media reporting that he is very disappointed and even considering leaving the club this summer. However, due to his long-term contract with the Blues and their valuation of £150 million, the former Manchester City academy player's summer transfer is unlikely, particularly if it means moving to Manchester United.

Apart from Manchester United, Real Madrid in La Liga and Bayern Munich in the Bundesliga have also been frequently linked with Palmer. Similarly, the £150 million price tag is widely considered an excessive valuation, especially given his underwhelming performance this season, which includes a sharp decline in goals and assists, along with numerous injuries.
It is reported that the 23-year-old Palmer attributes this to tactical changes at Chelsea, believing his movement on the pitch has been unnecessarily restricted. The English midfielder particularly enjoyed partnering with Nicolas Jackson, who, despite being mocked for frequent missed chances, complemented Palmer well with his positioning and speed.
During the previous season partnering with Jackson, Palmer scored 18 goals and provided 14 assists. This season, Chelsea signed João Pedro and Liam Delap, loaned out Jackson, and the Senegalese international now plays for Bayern.
Besides losing his best partner, Palmer has also been hampered by groin and toe injuries, resulting in poor form this season with only 10 goals and 3 assists in 25 matches. Chelsea's overall performance has been inconsistent as well; new manager Liam Rosenior started strong but has since faltered, currently sitting sixth in the Premier League and likely missing next season's Champions League. The Blues' recent results have been particularly poor, losing 2-8 on aggregate to Paris Saint-Germain in the Champions League quarter-finals and suffering a 0-3 defeat to Everton in the Premier League.
If Chelsea fails to secure Champions League qualification next season, it would be a significant blow to the club that spends heavily annually, and they might struggle to keep Palmer. Palmer was visibly frustrated during the 0-3 loss to Everton when teammate Pedro Neto chose to pass back instead of feeding Palmer in an excellent position, squandering a scoring opportunity.

However, Chelsea insiders emphasize that despite the poor season, Palmer has not given up. Stamford Bridge still views him as an irreplaceable core player, with Palmer's contract running until 2033, giving the club full control.
This is not the first time Palmer has been central to transfer rumors; earlier this season, he was reported to dislike life in London and wanted to return to his hometown Manchester. Palmer is famously a childhood Manchester United fan and would be happy to join the Red Devils to fulfill his "dream of playing for United." Some consider Palmer a suitable successor to United captain Bruno Fernandes, given his peak performance in the 2023/24 season with 22 goals and 11 assists in the Premier League.
Among Manchester United's senior figures, football director Jason Wilcox previously served as Palmer's academy director at Manchester City's youth system. Wilcox once predicted that among Palmer's generation, one player would eventually win the Ballon d'Or. Wilcox and United CEO Omar Berrada, both formerly from Manchester City, now oversee United's transfer operations.
Since Sir Jim Ratcliffe acquired Manchester United two years ago, the club has hired several senior executives from Manchester City. Besides Wilcox and Berrada, United's match operations director Sam Ellis, PR department members Toby Craig and Kate Smith, among others, have all worked long-term for City.
Last summer, United hoped to sign another former Manchester City academy player, Delap, for £30 million, but he chose Chelsea. Compared to him, Palmer might make a different choice. However, United's priority this summer is midfield reinforcements, and they likely lack sufficient budget for Palmer.

Besides the £150 million valuation, Palmer's wages would not be low; his current weekly salary at Chelsea is £130,000, which is reasonable, but if he transfers, this amount would likely rise to at least £200,000 per week, equivalent to £10 million per season. Signing a player with frequent injuries and declining form at such a high cost, even though he is young, is considered excessively risky.