Bayern Munich close in on signing Michael Olise with staggering wage

Bayern Munich is on the verge of signing Michael Olise from Crystal Palace, as Chelsea withdrew from the race due to concerns over the cost of the deal. Olise, who has agreed to personal terms with Bayern, is expected to command a release clause of around £55m. Chelsea's participation in the Europa Conference League next season and the potential higher fee for non-Champions League clubs were cited as reasons for their withdrawal. Olise, who has attracted interest from various Premier League clubs, is set to earn a weekly salary of about £200,000 at Bayern. The 22-year-old winger's former club, Reading, is also set to receive a significant sell-on fee from the transfer. Olise, who scored 10 goals in 19 appearances last season, has emerged as one of the brightest young talents in the Premier League. Despite initial interest from Chelsea, Manchester City, and Manchester United, Olise looks poised to join Bayern alongside his former Chelsea academy teammate Jamal Musiala. The deal represents a major coup for Bayern's new manager, Vincent Kompany. Palace had been willing to offer Olise a new contract to stay, but the lure of Champions League football and a larger wage packet at Bayern proved decisive. Olise's impressive performances in the Premier League have attracted attention, with Bayern now leading the race for his signature. The deal is expected to be a significant profit for Palace, who signed Olise for around £8m three years ago. Olise's inclusion in Thierry Henry's preliminary squad for the upcoming Olympics highlights his growing reputation in the football world. Bayern's trigger of Olise's release clause signals a potential move for the French youth international to the Bundesliga. The deal would mark Bayern's third signing from the Premier League in the past year, following Harry Kane and Eric Dier. While the release clause is reportedly around £60m, negotiations are ongoing to finalize the transfer. Palace, who are also fielding interest in other key players, are set to demand a substantial fee for defender Marc Guehi amidst the transfer speculation surrounding Olise.