The winger is one of the hottest properties in Europe and has a release clause this summer.
However, he is wanted by a host of top-flight clubs, including Manchester City and Manchester United.
Per the Evening Standard, Chelsea are willing to spend a big chunk of their budget on Olise.
The winger managed 10 goals and six assists for Palace last term, despite various injury setbacks.
His injury history is likely the only reason that clubs may have reservations about splashing out on a big fee for the 22-year-old.
