CRYSTAL Palace are close to agreeing to a new contract with winger Michael Olise, as per reports.

It was revealed that the former Reading attacker had a release clause in his contract that would have allowed him to leave the club for £35 million.

However, reports have emerged that the club are close to agreeing on a new contract with the 20-year-old which would raise the release clause in his contract to £50 million, in line with the club's valuation of him.

Olise's new deal reportedly could extend his stay at Selhurst Park by an extra year, but it will not see an increase to his salary.

Athletic sports reporter David Ornstein, broke the news on social media, tweeting: "Crystal Palace in talks with Michael Olise over new contract.

"Agreement close. Extra year likely but no salary increase.

"Aim is to raise release clause (£35m) to ensure future sale breaks CPFC record (£50m) and that would benefit all."

Premier League clubs such as Manchester United and Arsenal have been linked with moves for Olise after his impressive debut season in the Premier League.

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