Chelsea plan to close deal with Crystal Palace for the signing of Michael Olise

Chelsea started formal talks with Crystal Palace about acquiring winger Michael Olise, according to David Ornstein of The Athletic.

This news comes a year after Olise shocked many by extending his contract with Palace, amidst speculation of a move to Stamford Bridge.

The release clause, previously set at £35 million, has reportedly been upped to about £60 million under his new contract.

Notwithstanding an earlier setback, Chelsea’s interest in Olise has been relentless. The West London club has now approached Palace for permission to talk with Olise’s representatives, aiming to settle personal terms quickly and outmanoeuvre their rivals.

Olise’s progress through major academies at Arsenal, Chelsea, and Manchester City brought him to Reading, and then to Crystal Palace in 2021. His remaining record at Palace includes 16 goals and 25 assists in 90 matches.

Olise, 22, has also been named to France’s preliminary squad for the Olympic Games this summer, alongside compatriots Jean-Philippe Mateta and perhaps Lesley Ugochukwu, who is overseen by Thierry Henry.

The timing of the Olympic Gold Medal match on August 9, only one week before the new Premier League season begins, adds urgency to Chelsea’s chase. They hope to finish the agreement fast so that Olise may join their team.

Chelsea faces competition from Bayern Munich and Newcastle, who have also approached Palace for talks, with Manchester City and Manchester United monitoring the situation.

Despite Palace’s strong finish last season under Oliver Glasner, it seems unlikely Olise will remain given the high-profile interest and willingness to meet his release clause.

Olise, known for his mesmerizing dribbling, continues to let his football speak volumes, making him a coveted asset and a potential major loss for Crystal Palace.

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