Crystal Palace Chairman Steve Parish wrote on social media: “I am 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 contract with the club.

Manager Roy Hodgson added: “It’s the best news possible. I had been worried – it’s always worrying when a club of Chelsea’s stature are interested in a player, and people will suggest that a transfer 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 that we can help him take him to another level very quickly.

“I’m delighted for the club, and I have to commend Steve Parish and Dougie Freedman for the fantastic job they’ve done in persuading them that, even if there was pressure from outside, ‘this is your place. and that’s where we think you’re going to progress in the right direction and grow in the right direction”.