The 22-year-old has developed into a star player for the Eagles since joining the club from Reading in 2021, scoring 11 goals and registering 20 assists in 80 appearances across all competitions.
Olise, scored twice and provided 11 assists in 37 Premier League games last season, before missing the first few months of this campaign due to injury, but he has since made an impressive return to Roy Hodgson's side, chipping in with five goals in nine top-flight fixtures.
The Franch Under-21 international attracted plenty of interest from Chelsea last summer, but he decided to commit his future to Palace in August by signing a new four-year contract that runs until 2027.
However, Olise's new deal is understood to include a release clause worth in excess of £50m, and speculation over a possible big-money exit from Selhurst Park has been rife in recent weeks.
Manchester United are understood to have identified Olise as a potential target this summer, although some senior chiefs at the club are said to have reservations over a future move for the winger.
Chelsea allegedly still hold an interest in Olise, while Liverpool and Premier League champions Manchester City are both said to be monitoring the youngster's performances at Palace.
A fresh name has since entered the fray, as talkSPORT claims that Arsenal have also been alerted by Olise's new release clause and are prepared to battle their top-flight rivals for his signature.
Olise spent time with Arsenal's youth academy back in 2009 before moving to Chelsea, Man City and then Reading where he eventually made his professional debut.
Arsenal boss Mikel
Read on sportsmole.co.uk