Crystal Palace winger Michael Olise has agreed to a new four-year contract, despite interest from Chelsea.

On Tuesday, it was claimed that the Stamford Bridge club had activated a £35 million release clause for the French Under-21 international.

However, Palace chairman Steve Parish stated on Thursday that the 21-year-old Londoner would remain at the club.

Olise joined Chelsea on a five-year agreement from Reading in 2021, however he was in Chelsea’s development system before departing at the age of 14.

“We have been concerned,” Palace manager Roy Hodgson said. One is concerned when a club of Chelsea’s caliber expresses interest in a player and implies that a move to their club would be the best option.

“I’ve always hoped that wouldn’t be the case, and that Michael would realize that even at such a young age, his future here is bright, and we can help him advance quickly.”

“I told him how much I enjoy working with him, how much respect I have for him as a player, and how much potential I believe he has.”

“I suggested that I thought being at Crystal Palace and playing here would be the best option, but I also made it clear that I wasn’t going to put him under any unnecessary pressure.”

Olise is currently recovering from a hamstring injury sustained while playing for France in the European Under-21 Championship, but he had an outstanding 2022-23 season for Palace, recording 11 assists and scoring two goals in 37 appearances and earning the club’s player of the year award.

Chelsea have already signed Moises Caicedo for a fee that could reach £115 million this week, and an initial £53 million deal for Southampton midfielder Romeo Lavia has also been agreed, as the Blues continue their lavish spending spree that has many wondering how they are abiding by the game’s financial rules.

Palace, however, lost star Wilfried Zaha this summer but began the new season with a 1-0 win away at Sheffield United under new manager Ross Hodgson.