The Premier League champions signed Bakayoko in a £40m deal from Ligue 1 champions AS Monaco last month as Antonio Conte bolstered his midfield options.
Bakayoko’s arrival nudged Matic towards the exit door and Manchester United completed the £40m transfer of the Serbia international earlier this week.
The 29-year-old won two Premier League titles and the EFL Cup during a three-and-a-half year spell at the west London club.
Bakayoko, meanwhile, won the Ligue 1 title last term after his breakthrough season in the French top flight.
Arsenal manager Wenger appeared to back Chelsea’s decision to sign Bakayoko and offload Matic ahead of the start of the 2017-18 Premier League season.
“They look like they have kept the basis of the squad,” Wenger told his media conference on Thursday.
“They have added Bakayoko who is a very strong player. Similar to [Nemanja] Matic but more of an impact player.”
Chelsea won the Premier League title with two games to spare last season in Conte’s first campaign in charge at Stamford Bridge.
The west London side lost 2-1 to Arsenal in the FA Cup final at Wembley back in May.
Conte has signed Manchester City reserve goalkeeper Willy Caballero, AS Roma defender Antonio Rudiger, Real Madrid striker Alvaro Morata and Bakayoko.
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