In recognition of his 11 years of service with the Blues, the banner reads: ‘Thank You Petr Chelsea Legend’.
This is according to the Daily Mail, who understand the banner will hang in the Shed upper tier during this weekend’s crunch Premier League fixture in west London.
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Few players could have made the move directly from Chelsea to Arsenal and then been welcomed back with open arms by the supporters at Stamford Bridge.
But Cech conducted himself with the utmost professionalism at Chelsea - even after Jose Mourinho had demoted him to the role of back-up goalkeeper behind Thibaut Courtois - and few fans had any qualms about him joining a direct rival.
Cech can help Arsenal pile more pressure on Mourinho
Cech wanted to stay in London, where he and his family felt settled, and Chelsea owner Roman Abramovich granted him permission to hold talks with Arsene Wenger before signing for the Gunners on a permanent deal this summer.
Jose Mourinho was reportedly not keen on the idea - for understandable reasons - but was powerless to prevent Cech from teaming up with Wenger at the Emirates Stadium following Abramovich’s intervention.
Mourinho told reporters in his press conference earlier today that Cech will be viewed as a rival player on Saturday, meaning he will be unable to enter the Chelsea dressing room until after the match.
But Cech might want to avoid his former manager in the Chelsea dressing room if Arsenal secure all three points this weekend.
The Portuguese coach will be under considerable pressure if Chelsea lose the match. Defeat could even leave the reigning champions inside the Premier League relegation zone come Sunday night.
Chelsea fans: will you cheer or boo Petr Cech this weekend? Have your say in the comments below!