Michael Olise has signed a new four-year deal at Crystal Palace, according to chairman Steve Parish, talkSPORT reports.
Chelsea had been heavily linked with a move for the winger in a deal that could have cost them £35million.
However, such a transfer has now been thrown in doubt as Olise has opted to extend his stay at Selhurst Park.
Taking to social media, Parish announced that Palace are set to hold onto one of their brightest talents for longer.
“I’m absolutely delighted to announce Olise has decided to commit his future to Crystal Palace football club and this afternoon signed a new four year deal with the club.”
Palace boss Roy Hodgson also said: “It’s the best possible news we could have. The decision has been his [Olise’s]. I must congratulate Parish and [sporting director] Dougie Freedman on a fantastic job.”
Olise, who is currently nursing a hamstring injury, scored two goals and provided 11 assists for Palace last season after signing from Reading in 2021.
Manchester City also held an interest but reports claimed that Olise preferred a move to the Blues, although this now looks unlikely.