Crystal Palace have finally made their first move of the summer transfer window.
The teenager was linked with a move to Manchester United, but has chosen Palace.
Chairman Steve Parish could not hide his delight at the coup.
He said of Ebiowei's arrival: "I'm delighted that Malcolm has chosen Crystal Palace as the best place to continue his development, following his impressive breakthrough into senior football in recent months.
"He is a highly coveted young player, and we very much expect to provide a platform for him to flourish at the highest level."