Arsenal ready to rival Chelsea for Crystal Palace midfielder Michael Olise?

Arsenal have reportedly identified Crystal Palace midfielder Michael Olise as a potential summer transfer target.

On the back of challenging for last season's Premier League title, the Gunners have already made some stellar additions ahead of 2023-24.

Ajax defender Jurrien Timber, West Ham United midfielder Declan Rice and Chelsea forward Kai Havertz have all been signed by the North Londoners.

If reports are to be believed, Mikel Arteta will now have to see some of his squad members depart the Emirates Stadium in order to keep the club on a level footing with FFP.

Nevertheless, despite shelling out in excess of £200m on just three players, it would come as a surprise if the Spaniard was not able to make further acquisitions before the end of August.

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According to 90 min, Arsenal are prepared to rival Chelsea in the race for Olise's signature.

Over the weekend, a number of reports indicated that the Blues were ready to pay in excess of the player's release clause in order to get a deal over the line.

While the France Under-21 international is said to have a £35m buy-out option in his contract, Chelsea are allegedly prepared to pay in the region of £39m, presumably in instalments.

Whether Palace will agree to such terms remains to be seen, particularly when they have also lost Wilfried Zaha to Galatasaray on a free transfer and will require an alternative for their key man.

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However, the 21-year-old is reportedly tempted to link up with Mauricio Pochettino's project in West London and personal terms would not be an issue.

Olise has contributed four goals and 16 assists from 63 outings for the Eagles in the Premier League, while he still has three years left on his existing deal.

The likes of Manchester City and Paris Saint-Germain are also monitoring the situation, the latter possibly having substantial funds to spend in the near future if Kylian Mbappe departs Parc des Princes.

That said, Olise will not be available for action during the early weeks of the season due to suffering a hamstring injury while on international duty at the Under-21 European Championship.