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The 21-year-old was Palace’s Player of the Season last term, providing 11 assists and scoring two goals.
The France U21 star is currently injured and will not return for another six weeks.
But that’s not stopped interest from across the Premier League, with Manchester City making the first move for Olise.
Pep Guardiola wanted Olise to replace Riyad Mahrez, who left the club in a £30m deal last month.
But Olise came through Chelsea’s academy and he’s keen to stay in London.
According to the Evening Standard, City are aware of Olise’s decision.
Chelsea are now close to agreeing personal terms with the midfielder, and those negotiations are not expected to be a problem.
Agreeing a fee with Palace may be more problematic as there’s confusion over whether Olise has a release clause in his contract.
The fact Palace have turned down a bid from Chelsea would suggest he no longer has one, but it remains unclear.
Either way, Chelsea are now closing in on getting their man as they work on deals for Romeo Lavia and Moises Caicedo.
MORE : Manchester United open talks with Everton to sign Amadou Onana
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