Chelsea has reportedly opened talks with Crystal Palace over a potential deal for Michael Olise. The Blues previously tried to sign the star winger last summer by triggering a $44 million release clause. Nevertheless, the player opted to sign a contract extension with his current club instead. The new deal increased Olise’s release clause to around $75 million.

There are rumors that this stipulation can only come from Champions League teams. If true, Chelsea could be in trouble as they have only qualified for the Conference League. A credible source has yet to confirm this specific clause, however. The Telegraph is also now reporting that Blues brass do not feel hindered by any potential Champions League release clause.

Blues willing to include players in a potential deal with Palace

The British news outlet even claims that Chelsea has moved in front of the long list of clubs currently interested in Olise. Owners of the west London side have shown in recent seasons that they are not afraid to spend serious money. The Blues have shelled out over $1 billion on transfers since the summer of 2022.

Not only can Chelsea flex their financial muscles, but they are also willing to part ways with a player or two to sweeten the deal. Armando Broja, Cesare Casadei, Trevoh Chalobah, and Conor Gallagher could be offered to Palace in exchange for Olise.

The latter midfielder previously starred for the Eagles while on loan during the 2021/22 season. Palace may also ask about the availability of Noni Madueke as well. The fellow right winger only just joined Chelsea in a $37 million deal from PSV Eindhoven in January of 2023. Nevertheless, Olise would essentially be taking Madueke’s place on the flank. The Blues winger previously featured in Palace’s youth system.

At least five other major teams join Chelsea in the race for Olise

Chelsea, however, is far from the only major club to be interested in targeting Olise. The 22-year-old French star is coming off a stellar season, despite dealing with injuries. Olise managed to score 10 goals and add six assists in just 19 Premier League appearances. The youngster missed 22 total fixtures in the most recent campaign with hamstring issues.

As a result of the impressive campaign, Arsenal, Bayern Munich, Newcastle, and both Manchester clubs are targeting Olise as well. The German giants and Magpies have also reportedly contacted Palace regarding the star. The south London side would prefer to keep the attacker but would certainly be open to a potential bidding war.

Assuming the aforementioned Champions League release clause is, in fact, in place, only Arsenal, Bayern, and Manchester City would be free to pay the $75 million fee. Nevertheless, it remains unclear how much interest both the Gunners and reigning Premier League champions have in Olise.

Either way, Chelsea could very well be in for a lengthy fight for the star youngster. Although he was not picked by Didier Deschamps to compete at Euro 2024, Olise is set to feature for France at the upcoming Summer Olympics. The tournament will start on July 24th and run for just over two full weeks. Competition to secure Olise’s signature may extend to the start of the 2024/25 Premier League season.