Michael Olise has shunned the move by Chelsea to acquire him.
Instead, the 21-year-old Olise signed a four-year deal with Crystal Palace, a development already confirmed by the club.
Chelsea on Tuesday had triggered a £35 million ($44.7m) release clause in Olise’s previous deal.
But Palace Chairman Steve Parish confirmed on Thursday that the player has decided to stay with his club.
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Parish wrote on Instagram: “I’m absolutely delighted to announce Olise has decided to commit his future to Crystal Palace football club and this afternoon signed a new four-year deal with the club.”
“It’s the best possible news we could have,” Palace manager Roy Hodgson said, adding: “The decision has been his (Olise’s).
“I must congratulate Steve Parish and Dougie Freedman on a fantastic job.”