The 21-year-old winger snubbed interest from Chelsea to sign a new four-year deal last month after the Blues had activated a £35million release clause in his previous contract. His new release clause is significantly higher, though the exact figure is not known.
Palace chairman Steve Parish gave Olise a substantial increase on his previously salary, which was reported to be around £45,000 a week, to keep him at the club. Parish was reluctant to lose another star attacker, after Wilfried Zaha joined Galatasaray on a free transfer upon the expiration of his contract.
Olise is currently out with a hamstring injury sustained while playing for France at the European Under-21 Championship over the summer.
Chelsea continue to be admirers of Olise but are likely to cool their interest after signing Cole Palmer from Manchester City.