Ebiowei joined Derby in 2021 and earned his place in the first-team aged 18, making his debut in February 2022 as a substitute in place of fellow Palace arrival Luke Plange.
He scored his first professional goal in April and went on to make 16 Championship appearances in 21/22, drawing attention for his attacking prowess.
Ebiowei’s senior debut came as a reward for his impressive displays at Under-18s level, scoring 10 times in nine games across all competitions, including hat-tricks against Leeds United and Chelsea.
He started his youth career at Arsenal before a short spell in Scotland with Rangers, and has represented both England and the Netherlands at youth international level.
Ebiowei was keen to pass on his gratitude to Derby County and its supporters, saying: "I'd like to thank everyone at Derby County for their incredible support over the last year or so, and for giving me the opportunity to show what I can do on the field, and I’d also like to thank the fans for their encouragement especially given the circumstances of last season.
“As everyone is aware the situation is very uncertain at Derby, so it was important for me to secure my long-term future.”
He added: “I’m incredibly excited about the prospect of joining Palace, as they have an incredible squad and huge potential. I very much hope to contribute positively to the team this season.”
Chairman Steve Parish said of Ebiowei's arrival: “I’m delighted that Malcolm has chosen Crystal Palace as the best place to continue his development, following his impressive breakthrough into senior football in recent months. He is a highly coveted young player, and we very much expect to provide a platform for him to flourish at the highest level.”