Michael Olise has signed a new long-term contract with Crystal Palace, rejecting a transfer to Chelsea in the process.

Olise has spent the last two seasons at Selhurst Park, contributing a total of six goals and 19 assists from 71 appearances in all competitions.

However, the form of the France Under-21 international has inevitably resulted in admiring glances from elsewhere, including from Chelsea and Manchester City.

With an alleged £35m release clause in his contract, it appeared a foregone conclusion that the playmaker would move elsewhere this summer.

Instead, Palace chairman Steve Parish has taken to social media to surprisingly reveal that the 21-year-old has committed his future to the Eagles until 2027.

The development comes at the same time as it has been reported that Chelsea were prepared to either activate the release clause or pay marginally above that figure in instalments.

Furthermore, it has been claimed that Olise was happy to move to Stamford Bridge having previously spent a period of his youth career in West London.

Nevertheless, when he recovers from a hamstring injury, he will be playing in the colours of Palace, who got their Premier League campaign underway last weekend with a 1-0 victory at Sheffield United.

As much as it is regarded as a huge boost to Palace, it is equally as much as a blow to Chelsea with the Blues having seemingly settled on the former Reading youngster as their preferred option in a creative role.

Everything appeared to be in place for Chelsea to follow the signing of Moises Caicedo and likely arrival of Romeo Lavia with the acquisition of Olise.

Todd Boehly and Clearlake Capital will now turn their attention elsewhere at a time when it appears increasingly likely that Lewis Hall will sign for Newcastle United.

A report earlier this week indicated that Chelsea have aspirations to part ways with another six players before the transfer window closes at the end of the month.

While being rejected by Olise will likely not change those alleged plans, Mauricio Pochettino may prefer to keep the likes of Ian Maatsen for the foreseeable future.