The 19-year-old, who is capable of playing as a centre back and a central midfielder, has signed a four-year deal with the South London club, join for a reported fee of £20.8 million.
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Canvot becomes Palace’s fourth signing of the summer, following the arrivals of Walter Benítez, Borna Sosa and Yeremy Pino.
Speaking to the club’s in-house media team, the youngster said: "It’s very exciting. Crystal Palace are a really good club with a good sporting project.
"It's a big step because it's the best championship in the world, so I'm excited to start."
Current Crystal Palace captain Marc Guehi is currently in talks over a £35 million pound move to Premier League champions Liverpool, although the move is understood to be in jeopardy.