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Chelsea transfer blow as Michael Olise signs new four-year contract with Crystal Palace despite Blues having triggered his £35m release clause

Chelsea have missed out on the signing of Michael Olise, with the midfielder having put pen to paper on a new four-year deal with Crystal Palace.

Olise signs new contract at Palace
Chelsea miss out on key transfer target
Blues had triggered his £35m release clause

WHAT HAPPENED? The French winger has committed his future to the Eagles, club chairman Steve Parish has confirmed. The news comes as a surprise given that Chelsea had triggered Olise's £35m ($44.5m) release clause earlier in the week.

THE BIGGER PICTURE: According to The Guardian, Palace, who were annoyed with Chelsea's conduct in trying to sign Olise, discussed internally about the possibility of going to a tribunal as they felt that the Blues had illegally 'tapped up' their player over a potential move. Moreover, his release clause is also believed to have included a sell-on clause for Palace.

WHAT THEY SAID?: Announcing Olise's new deal on social media, Parish wrote: "I’m absolutely delighted to announce @m.olise has decided to commit his future to Crystal Palace football club and this afternoon signed a new four-year deal with the club. @m.olise is an 🦅 ❤️💙🦅"

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WHAT NEXT? After Olise agreed to sign an extension with Palace, the Blues may seek other alternatives. They are apparently in the hunt for a versatile forward who can play on the right wing and also adapt to a No.10 role if required. They have reportedly drawn up a shortlist of potential targets which include Mohammed Kudus, Rayan Cherki and Brennan Johnson.