chelsea had triggered a £35m ($44.7m) release clause in the 21-year-old’s previous deal, but that was replaced with a new deal Palace chairman Steve Parish confirmed on Thursday .
“I am absolutely delighted to announce that Olise has decided to commit his future to Crystal Palace Football Club and has this afternoon signed a new four year contract with the club,” Parish wrote on Instagram.
Olise’s new contract is a dramatic twist given Chelsea were confident of finalizing the terms in the coming days.
However, their initial decision had created unease among some senior Palace officials, who believed Chelsea had used questionable conduct to sign the player. For his part, Chelsea believe he did nothing wrong.
Olise was expected to leave until Palace intervened late, with sources telling ESPN the club had doubled his wages to stay at Selhurst Park.
“This is the best news possible,” said Palace manager Roy Hodgson. “The decision was [Olise’s]. I must commend Steve Parish and Dougie Freedman for their fantastic work.”
It’s unclear at this stage if there is another release clause in the new deal, but regardless Chelsea are now turning their attention to other targets including Nottingham ForestIt is Brennan Johnson.