Crystal Palace have completed the signing of midfielder Michael Olise from Reading on a five-year deal.

The Eagles have secured the services of the France Under-18 international after paying what is a record fee received by the Sky Bet Championship club.

Nineteen-year-old Olise, who is Patrick Vieira's first signing, said: "It's a big moment – Premier League football. It's a great club and I'm very excited to be here. Good players, a good manager, so I'm ready to start."

With a number of players released by Palace at the end of last season, the Eagles were in need of reinforcements and this is set to be the start of a busy summer for sporting director Dougie Freedman and chairman Steve Parish.

Parish added: "I'm delighted that Michael has joined us at Crystal Palace. We have been monitoring him extremely closely for an extended period of time and have been impressed by his consistent performances for Reading at such a young age.

"He clearly has an abundance of talent that I'm sure will excite all of our supporters, and clearly shows our direction of travel for this window."

Olise, who was born in Hammersmith, started out in Chelsea's youth academy before a spell with Manchester City.

Reading snapped up the versatile midfielder in 2016 and three years later he made his debut for the first team.

Last season, Olise played in 46 fixtures for the Royals and scored seven times.

New Palace boss Vieira added: "We have the tools in our football club to make him a better player and we've known him quite well because he's a player the football club have been following for a long time.

"I think it is important to refresh the squad, to bring some new faces, to bring young talent here and this is a really good signing for us."