Despite Chelsea triggering his release clause, Michael Olise has committed his future to Crystal Palace by signing a new contract.
The Palace manager, Roy Hodgson, made this known.
Chelsea have just negotiated high-profile signings for Brighton’s Moises Caicedo and Southampton’s Romeo Lavia totaling £173 million.
Both players had the option of joining Liverpool after the Reds agreed to terms with their previous clubs, but instead chose to join Chelsea.
Meanwhile, Palace have avoided the possibility of losing another key player after Wilfried Zaha left for Galatasaray on a free transfer.
Speaking on Thursday, Palace manager Roy Hodgson said:
“It’s the best possible news we could have. The decision has been his.
“We’ve been concerned, as one is concerned when a club of Chelsea’s stature start to take an interest in a player and suggest that a move to them might be the best bet.
“I’ve always hoped that wouldn’t be the case and that Michael would realise that, at such a young age, his future here is very bright. We can help him move very quickly to another level.
“I had a long chat with him when the subject was first broached but that was in pre-season. I suggested that being at Crystal Palace would be the best option but I also made it clear I wouldn’t put him under unnecessary pressure.
“I congratulate Steve Parish and [sporting director] Dougie Freedman on a fantastic job.”