Bayern Munich will pay £50.8m (€60m) including add-ons to bring the 22-year-old to the Allianz Arena. The Frenchman has signed a five-year contract at Bayern.

Olise departs Palace after three years at Selhurst Park having joined from Reading in July 2021. In Bayern, Olise will play alongside England captain Harry Kane and under former Burnley manager Vincent Kompany.

The 22-year-old winger had been linked with a return to Chelsea, where he played in the academy as a youngster, and a move to Manchester United but opted to join the German giants.

Bayern sporting director Max Eberl said: “Michael Olise is a player who can make the difference and attracted great interest with his style of play.

He made 90 appearances for Palace, scoring 16 times and registering 25 assists.

Palace chairman Steve Parish said: “We are hugely proud of what Michael has achieved at Crystal Palace, a club where he has developed greatly as a player.

Olise posted on X: “Thank you to everyone at Crystal Palace. Thankful for the journey that I went through as a player at this club and the love that everyone has shown me since day one.

“Thanks to all the staff, players and especially to all the fans that have supported me I’ll be forever grateful.”

Bayern will have to wait before Olise links up with their team though, after he was picked by Thierry Henry for France’s Olympics squad.