Michael Olise 'set to earn staggering wage at Bayern Munich after his £55m Crystal Palace release clause was met' - with Chelsea and Newcastle missing out on in-demand winger

Michael Olise is set to bank an eye-watering weekly salary after deciding to join Bayern Munich over several Premier League clubs this summer, reports claim.

Winger Olise had attracted interest from the likes of Chelsea and Newcastle but, as reported by Mail Sport, Bayern are now set to agree a deal with Crystal Palace.

Both sides have entered negotiations over Olise's release clause and journalist Christian Falk has reported that Bayern have triggered the £55million option.

Chelsea had made it known late on Friday that they were no longer in the race for the 22-year-old's signature while Manchester United did not make an offer. 

It is understood that Palace had been willing to offer Olise a new deal to stay but the lure of Champions League football proved too much to contend with.

Olise is also expected to earn a substantially larger wage packet at the Allianz Arena with Falk claiming he is expected to rake in £220,000 every week. 

The forward had joined Palace from Reading in 2021 and adapted superbly to the Premier League, becoming a first-team regular during his stint in London.

He scored 10 goals last season, the best haul of his career, and recorded six assists. 

Olise had signed a new contract last August on a bumper £100,000 per week but will more than double his weekly take home after putting pen to paper.

Manchester City are also said to have expressed interest in the player, who was close to joining Chelsea last summer before deciding to commit his future to Palace.

Fresh from an outstanding final season with the Eagles, Olise was included in Thierry Henry's preliminary squad for the upcoming Olympic Games this summer. 

Palace are set to make a hefty profit on Olise, having signed him three years ago for a fee of around £8m. He has since made 82 appearances in the top-flight.

The deal represents a major coup for new Bayern boss Vincent Kompany, who was named the club's successor to Thomas Tuchel just weeks after Burnley's relegation.

Palace manager Oliver Glasner had admitted he was unsure whether Olise and team-mate Eberechi Eze would remain at the club beyond this summer.

'It's the job of the club to keep all the players,' Glasner said after Palace's thumping victory against Manchester United. 'I know they'll try everything possible.

'You never know how your squad will look when the next season starts. They're amazing players, this is an amazing group.' 

On the two forwards, Palace defender Joachim Andersen added: 'I'll be praying the whole summer for them to stay, maybe send them a few messages.'