A number of Championship clubs had been looking to land the 19-year-old, but he has now finalised a deal with Boro.
England Under-21 ace McEachran has seen his first-team chances at Chelsea limited, but he has made over 20 appearances for the club.
McEachran spent the latter part of last season on-loan at Premier League side Swansea City.
McEachran has been signed in time for him to be included in the Boro squad ahead of their league match with Burnley on Tuesday.
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