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The 24-year-old Czech Republic international underwent surgery after being transferred to a specialist neuro-surgical unit at the Radcliffe Infirmary in Oxford, Chelsea said.
"The operation was successful but it is too early to give an accurate assessment of his condition," the statement continued.
Cech, and his replacement Carlo Cudicini, were both knocked unconscious during Saturday's 1-0 Premier League win over Reading at the Madejski Stadium.
Cech was carried off after colliding with Reading striker Stephen Hunt who caught him in the head with his knee.
Cudicini was injured just before the end of the match after colliding with Reading's Ibrahima Sonko in injury time and was carried off with his neck braced after his head hit the ground.
Cudicini was also taken to hospital but was discharged later on Saturday evening.
Chelsea skipper John Terry went in goal for the last few moments. The club's third choice goalie, the Portuguese Hilario, may now be in the starting lineup to face Barcelona in the Champions League at Stamford Bridge on Wednesday.
Manager Jose Mourinho said Cech was lucky to be alive.
He called on the FA to investigate Hunt's challenge. "To be angry doesn't help. I'm just waiting... what the FA will do about it," he said.
Chelsea said they had reviewed the video of both incidents and added: "We endorse the post-match comments of Jose Mourinho regarding the seriousness of these incidents.
"Chelsea will be writing to the Football Association with our observations."
Reading manager Steve Coppell said he thought that Hunt's collision with Cech was an accident.
"It looked terrible on the replay but I know 100 per cent there was no intent but there was undoubtedly a heavy collision."
Reading added on their Web site they would co-operate with any FA inquiry into the matter.
The English champions face Spanish and European title holders Barcelona at home for the third season in a row on Wednesday in the Champions League's most high-profile group game.
Hilario, 31 next Saturday, joined Chelsea on a free transfer last June from Portuguese side Nacional.
He was a Porto youth product and worked with Mourinho during his successful UEFA Cup and Champions League winning spell there but rarely made the first team, playing second fiddle to Vitor Baia.
He has yet to make an appearance for Chelsea's first team. Reuters