Crystal Palace winger, Michael Olise, has signed a new four-year contract with the Premier League club interest from Chelsea.
This was confirmed by Eagles owner Steve Parish on Thursday.
The news comes a day after it was reported that Chelsea had activated a £35m release clause in Olise’s previous contract with Palace.
The French U21 international, who is currently recovering from an injury sustained over the summer, registered 11 assists and scored twice for the Eagles last season.
The news is a blow for Chelsea, who have recently landed high-profile deals for Brighton’s Moises Caicedo and Southampton’s Romeo Lavia for a combined £173m.
Meanwhile, Palace have avoided the possibility of losing another key player after Wilfried Zaha left for Galatasaray on a free transfer.