Chelsea withdraw from race to sign 22-year-old Manchester United transfer target: Reports

Chelsea have reportedly pulled out of the race to sign Manchester United target Michael Olise over the financial implications of a deal. Crystal Palace winger Olise has emerged as one of the most sought-after forwards in European football this summer, attracting interest from multiple clubs.

The France U-21 international has been in the crosshairs of Chelsea for over a year, with the Blues having come close to signing him last summer. He signed a new deal at Crystal Palace last summer, but the Blues retained an interest in the 22-year-old attacker.

Michael Olise recorded 10 goals and six assists in only 19 Premier League appearances last season, attracting a number of other teams. Chelsea, Manchester United, Bayern Munich, and Newcastle United were linked with the talented Frenchman, whose contract includes a £60 million release clause.

Chelsea were said to be leading the race for Olise, having obtained permission to enter into negotiations with his representatives over a move. The Blues were reported to be prepared to activate his release clause, but have now pulled out of a deal, as per David Ornstein.

Enzo Maresca's side were keen on the French forward but have decided against doing so due to his wage demands. They are looking to maintain a strict wage policy at their club, and are not prepared to break it for the youngster.

Manchester United remain in the race for the attacker but are not prepared to pay his £60 million release clause. They are, however, better positioned to match his wage demands, seeing as they do not have any wage caps in place.

Crystal Palace offered a new contract to the forward this summer which will take his release clause to around £100 million and increase his wages. Having only signed a new contract last summer, he will be reluctant to sign a new deal and be open to a move.

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European giants set to beat Chelsea, Manchester United to top target - Reports

Bayern Munich are set to edge Chelsea and Manchester United to the signing of talented Crystal Palace man Michael Olise this summer. The German giants are looking to add quality to their squad this summer following the arrival of manager Vincent Kompany.

Olise has chosen to join Bayern Munich, according to David Ornstein, and will wait for the German club to reach an agreement with his club. The forward, who is on international duty with the French Olympics team, is set to turn down a contract extension from the Eagles.

Chelsea and Manchester United were keen on the attacker. However, their lack of UEFA Champions League football may have factored into his decision to move elsewhere. A move to Germany would make sense for this stage of Olise's career as he looks to establish himself as one of the world's best.