Crystal Palace winger Michael Olise has signed a new four-year deal with the club amid interest from Chelsea.
On Tuesday, it was reported that the Stamford Bridge club had activated a release clause in the region of £35m for the French Under-21 international.
But Palace chairman Steve Parish confirmed on Thursday that the London-born 21-year-old would be staying put.
Olise joined from Reading on a five-year-deal in 2021 but was in Chelsea's youth system before leaving aged 14.
He is currently recovering from a hamstring injury that he picked up playing for France in the European Under-21 Championship, but enjoyed an impressive 2022-23 campaign for Palace in which he registered 11 assists and scored two goals in 37 appearances, earning the club's player of the year award.