Chelsea had activated a release clause in their bid to sign Michael Olise, but the France U21 star turned down the offer and opted to sign a new contract with Crystal Palace.
Palace chairman Steve Parish made the announcement of Olise's new contract on his Instagram profile.
Olise joined Palace from Reading for £8 million after scoring seven goals in 44 appearances in the Championship in the 2020-21 season. His performances saw him win the EFL Young Player of the Season.
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