The Frenchman struggled with hamstring issues during the 2023-24 season, restricting him to just 19 Premier League appearances.
Despite being hampered by injury, Olise still managed to enjoy a productive campaign, netting 10 goals to finish the campaign as Palace's third-highest scorer behind Eberechi Eze and Jean-Philippe Mateta.
Olise also finished the season with a total of six assists – only Jordan Ayew registered more Premier League assists for Palace during the most recent campaign.
After experiencing a strong end to the season, the Eagles will be keen to keep their best players for Oliver Glasner's first full campaign as Palace boss.
However, they have a fight on their hands to retain Olise's services, with a number of top Premier League clubs said to be pursuing his signature.
A recent report claimed that Manchester United were keen to open negotiations over a summer move for the France Under-21 international.
Olise is also believed to be attracting interest from the likes of Arsenal, Chelsea and Newcastle United.
However, according to The Mirror, the Gunners currently have the edge over their Premier League rivals in the race to sign Olise.
The report claims the Palace wants to play Champions League football, which is something Arsenal can offer after finishing in second place.
Despite appearing to be in pole position, Arsenal may still have to move quickly, with Chelsea believed to be preparing a move.
Olise, who has also been linked with Liverpool, is reportedly valued at around £60m after extending his contract to 2027 last summer.
Arsenal boss Mikel Arteta can currently call upon Bukayo Saka, Leandro Trossard and Gabriel Martinelli as his main wide options.
Olise tends to operate primarily as a right winger, which is a position occupied by Saka at the Emirates Stadium.
However, there could still be a place for Olise, with the Gunners looking to add further strength in depth so they can mount another title challenge after achieving back-to-back second-place finishes.