Crystal Palace Chairman Steve Parish wrote on social media: “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 with the club.”
Manager Roy Hodgson added: "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'.”