Michael Olise Rejects Chelsea Transfer To Sign New Crystal Palace Contract

Michael Olise has signed a new four-year contract with Crystal Palace after rejecting a £35m transfer to Chelsea. Palace chairman Steve Parish broke the news.

Michael Olise has signed a new four-year contract with Crystal Palace.

The 21-year-old winger had been widely expected to join Chelsea after the Stamford Bridge club activated a £35 million release clause in Olise's previous contract earlier this week.

But Olise has since opted to commit his future to Palace rather than becoming Chelsea's ninth summer signing.

Palace chairman Steve Parish broke the news on Thursday when he wrote on Instagram: "I'm absolutely delighted to announce Michael Olise has decided to commit his future to Crystal Palace football club and this afternoon signed a new four-year deal."

Palace later tweeted a photo of Olise and Parish shaking hands and smiling.

😄 pic.twitter.com/6qbyq9zvRU

— Crystal Palace F.C. (@CPFC) August 17, 2023

Manager Roy Hodgson then said in a press conference on Thursday: "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 realize that at such a young age his future here is very bright, and we can help him move very quickly onto another level.

"I am delighted for the club, and I must congratulate Steve Parish and [sporting director] 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'."

Olise joined Palace from Reading in 2021 and has since made 63 Premier League appearances, providing four goals and 16 assists.

Michael Olise pictured playing for Crystal Palace last season :: IMAGO/Sebastian Frej