Chelsea target Michael Olise has signed a new four-year contract with Crystal Palace.
Palace chairman Steve Parish confirmed Olise had committed to a new four-year contract at Palace on his social media.
The news comes days after it was claimed Chelsea had activated a £35million release clause in Olise's previous Palace deal.
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It had been widely reported that the Blues were expected to sign the 22-year-old in the coming days, with the player reportedly having come to an agreement with the Blues.
Olise is currently sidelines having torn his hamstring at the European Under-21 Championship, which could reportedly prevent him from playing until the end of September.
In a tweet Parish said: "I’m absolutely delighted to announce @m.olise has decided to commit his future to Crystal Palace football club and this afternoon signed a new four year deal with the club.
"@m.olise is an [Eagle.]"
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Olise's potential departure would have been critical for Palace's season. The club lost their talisman Wilfried Zaha earlier in the summer, with the Ivory Coast international having opted to join Galatasaray on a free transfer in pursuit of Champions League football over extending his time at Palace.
The side's creative burden will now fall to Olise and team-mate Eberechi Eze.
Speaking last week on the eve of the new Premier League season, Roy Hodgson admitted he was unsure whether Olise would remain at the club this summer adding that the forward's future is "totally out of my hands".
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Treble winners Manchester City were also said to have been interested in Olise, who was involved in 13 Premier League goals last season after providing 11 assists and netting twice. Olise's form last term saw him win the Palace players' Player of the Season award.
Upon Olise signing the new contract, Hodgson told the club website: "It’s the best possible news we could have. I had been concerned – it’s always concerning when a club of Chelsea’s stature take interest in a player, and people will suggest that a move to them might be the best bet.
“I had always hoped that wouldn’t be the case and that Michael would realise that at such a young age his future here is very bright, and we can help him move very quickly on to another level.
“I am delighted for the club, and I must congratulate Steve Parish and Dougie Freedman on the fantastic job they have done in persuading him that, even though there was pressure from outside, 'this is your place and this is where we think you will progress in the right way and develop in the right way'.”
Featured Image Credit: Getty/Steve Parish via InstagramTopics: Football, Transfers, Crystal Palace, Michael Olise, Premier League