Michael Olise has signed a new four-year deal at Crystal Palace, according to chairman Steve Parish.
Chelsea had been heavily linked with a move for the winger in a deal that could have cost them £35million.
Olise now looks set to stay at Palace rather than heading to Chelsea@chair4palace Instagram
However, such a transfer has now been thrown in doubt as Olise has opted to extend his stay at Selhurst Park.
“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.”
Olise, who is currently nursing a hamstring injury, scored two goals and provided 11 assists for Palace last season.
He signed for the club from Reading in 2021 and this summer caught the eyes of Chelsea.
Manchester City also held an interest but reports claimed that Olise preferred a move to the Blues, although this now looks unlikely.
Such news could be a blow to the rest of Chelsea’s plans this summer and they could now look at alternative targets.
talkSPORT understands that the Mauricio Pochettino’s side have held preliminary talks with Nottingham Forest over Brennan Johnson.
The winger was crucial in Forest’s promotion to the Premier League and scored ten goals last season.
Chelsea look set to continue to spend in the market before the window shuts at the beginning of September.
Romeo Lavia will likely be the next to join in a deal worth £58million from Championship side Southampton.
In terms of potential outgoings, talkSPORT understands Newcastle are close to an agreement for Blues academy product Lewis Hall.