Michael Olise to Bayern Munich fee and contract length, and reason Chelsea backed out revealed

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• EXCLUSIVE from Graeme Bailey

HITC understands that Bayern Munich have indeed reached an agreement with Crystal Palace for the signing of Michael Olise.

Crystal Palace winger Michael Olise has been the subject of some big transfer speculation this summer with the French winger having a very affordable release clause in his contract at Selhurst Park.

HITC had previously reported that Chelsea had approached Crystal Palace about a deal for the Frenchman and were even prepared to offer some of their players to the Eagles to try and get a deal done.

However, HITC reported last night that Bayern Munich were now the clear favourites to get a deal over the line after the Blues pulled out of the race to sign Olise.

Bayern agree Olise deal with Palace

Sources at Bayern have confirmed to HITC that the German side have agreed a deal to sign Olise for a fee in the region of £50 million (€60 million).

Sources have also confirmed that personal terms have indeed been finalised between the former Reading winger and the Bavarian side with the 23-year-old set to put pen to paper on a five year deal at the German giants.

Bayern have pushed on with the deal in the last 24 hours after the player confirmed his desire to move to the Allianz Arena, rejecting interest from across the Premier League in the process.

For Chelsea, this is now the second time they have missed out on signing Olise after attempting to purchase the winger last summer before the Frenchman opted to stay and sign a new deal at Selhurst Park.

Chelsea’s position on Olise agreement

Sources at Stamford Bridge insist that the Blues pulled out of a deal due to the finances it would have taken to bring Olise to West London.

However, HITC understands that the Blues backed away from a deal when they learned of Olise’s preference to move to the Bundesliga giants.

Olise will be joining a Bayern side managed by former Burnley boss Vincent Kompany.

The French winger isn’t the only player who the German side are trying to sign from the Premier League with HITC reporting that Bayern are negotiating a deal to sign Fulham midfielder Joao Palhinha.