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The 24 year old has bagged 8 goals this term in 19 appearances for the Spirites and is expected to be in the squad for Tuesday's trip to Reading.
Folan was delighted with the move and is hoping to take his chance in the top flight. He said: "Every player dreams of being in the Premiership, and although it's difficult for me to leave Chesterfield because the club has been so good to me, this is an amazing opportunity and I want to repay the faith that Paul Jewell has shown by proving that I am good enough to play in the Premiership.
"There are some great players at this club and I cannot but fail to improve by being here. Now I just want to meet the lads, start training and starts fighting for my place."
At 6ft 2ins the Leeds born striker will add power, pace and aggression to the Latics forward line.
Manager Paul Jewell was pleased with the capture. He said: "I've watched the lad twice in person, while the club has also scouted him on a number of other occasions, and I think he's got what it takes to play at the top level.
"He's strong, he's aggressive, he's got a finisher's instinct and I think he will add competition in an area where the squad needs bolstering. I've always maintained I will never buy a player unless I think he can add something to my squad, and Caleb is no different. I think the lad's got it, simple as that."
Welcome to Wigan Caleb.
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