EPL: Chelsea dealt a blow as Olise signs new deal with Crystal Palace

Michael Olise has committed his future to Crystal Palace by signing a new contract, despite Chelsea activating his release clause.

Chelsea had triggered a £35 million ($44.7m) release clause in the 21-year-old’s previous deal but that has been superseded by a new agreement that Palace chairman Steve Parish confirmed on Thursday, August 17.

It’s believed Olise will be paid £100,000-a-week by Palace after signing his new four-year contract. Commenting on the development, Parish said;

“I’m absolutely delighted to announce Olise has decided to commit his future to Crystal Palace football club and this afternoon signed a new four-year deal with the club.” 

Crystal Palace coach, Roy Hodgson who couldn’t hold back his excitement with Olise choosing the club over Chelsea, described it as a ‘red letter day’.

Hodgson said;

“The decision has been his and I must congratulate Steve Parrish and Dougie Freedman in the fantastic job they have done in persuading him that with pressure from the outside, this is your place and it’s where we believe he can progress and develop in the right way.

“As a manager, it’s perfect because I really enjoyed the ten games last year and I thought the squad was very interesting and when the chairman asked me to come back and do another year I had that in mind.

“To lose Wilfried Zaha first and then possibly Michael Olise it would have changed my perception. So, for me, it’s a red letter day.”

Olise’s new deal is a dramatic twist given Chelsea were confident of finalising terms in the coming days.

However, their initial move had created ill-feeling with some senior figures at Palace, who believed Chelsea’s approach to the player is questionable. For their part, Chelsea believe they did nothing wrong.

Chelsea are now expected to target Nottingham Forest forward Brennan Johnson after Olise’s snub. The Blues are interested in signing the Wales international, 22, after he scored eight goals during his debut Premier League campaign at the City Ground.

Johnson is capable of playing both on the wing and down the middle. He scored 19 goals during the 2021/22 season to help Forest win promotion from the Championship and is unlikely to come cheap, as he still has three years remaining on his contract.