Roy Hodgson says Michael Olise’s new four-year contract is “the best possible news” for the club, as the 21-year-old winger committed his future to Crystal Palace amid transfer interest from Chelsea.

“It’s the best possible news we could have,” Hodgson said in his pre-Arsenal press conference. “I had been concerned – it’s always concerning when a club of Chelsea’s stature takes interest in a player, and people will suggest that a move to them might be the best bet.

“I had always hoped that wouldn’t be the case and that Michael would realise that at such a young age his future here is very bright, and we can help him move very quickly onto another level. The decision has been his.

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“I am delighted for the club, and I must congratulate Steve Parish and Dougie Freedman on the fantastic job they have done in persuading him that, with this pressure from outside, ‘this is your place and this is where we think you will progress in the right way and develop in the right way’.”

Hodgson says Olise’s continued commitment to Palace is a particular boost to his plans for the season, after enjoying working with the squad in the final 10 games of last season.

“As a coach, it is perfect because I really enjoyed the 10 games last year,” the manager said. “I thought the squad was looking really very interesting, so when the Chairman asked me to come back and do another year I had that in mind. To lose a player like Wilfried Zaha and then Olise, that would have changed, to some extent, my perception of it all. For me, it is a red letter day.”