Manager Roy Hodgson added: ‘It’s the best possible news we could have. The decision has been his [Olise’s] . I must congratulate Steve Parish and [sporting director] Dougie Freedman on a fantastic job.’

It is believed Olise will be paid £100,000 a week by Palace under his new deal.

The news came after it was revealed Olise’s proposed move to Chelsea was unfolding amid ‘tapping-up’ concerns.

Palace officials made a swift decision after Chelsea’s interest in the France Under-21 international and were upset the Blues had crossed the line with their conduct in attempts to sign the player.

Chelsea, who have spent £1billion spent in 14 months of Todd Boehly’s ownership, tabled a formal bid they believed activated Olise’s release clause.

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