The French attacker has been a key target for the Blues this summer and they were recently given permission to speak with him.

However, they were unable to strike an agreement with personal terms being a hindrance. The Blues refused to meet his demands.

Olise has now agreed to join Bayern in the Bundesliga. The former Reading man will undergo his medical after a verbal agreement.

Palace will receive around €70m from the transfer. The South London outfit are planning to invest the funds on a couple of forwards.

The news should come as a big blow for the Blues, who seemed confident of purchasing Olise from the Eagles earlier this month.

They have missed out on him for the second summer running and now need to find a quality alternative from the transfer market.

Manchester United and Newcastle United were also in contact with Olise but Bayern made the best proposal to the Frenchman.

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