The Premier League giants have announced that Olise has signed a new one-year contract.
A right-sided defender, Olise has been a part of the Blues' setup since the age of nine.
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He is now 19 and has been playing for the club's Under-21 side over the past few months.
Olise played a total of ten games for the U21s last season, including three in the Premier League 2 Playoffs.