The Eagles reluctantly parted ways with Olise earlier this summer, with the Frenchman joining Bundesliga giants Bayern Munich for an initial £45m.
Oliver Glasner's side were busy in the early stages of the summer transfer window, recruiting central defender Chadi Riad from Barcelona for around £14m and playmaker midfielder Daichi Kamada on a free transfer following his exit from Lazio.
Palace's transfer business has since dried up in the last few weeks, but it now appears that they have stepped up their interest in a long-standing target.
Palace agree personal terms with Sarr
According to The Athletic, Crystal Palace have agreed personal terms in principle with Marseille's Ismaila Sarr over a four-year contract, and the option of an additional 12 months is also part of ongoing discussions.
Palace are said to have held a long-standing interest in the 26-year-old, dating back to his previous spell in French football with Rennes.
The report adds that the Eagles are now negotiating a transfer fee with Marseille, but both clubs are currently apart in their valuation of the winger.
Marseille only signed Sarr last summer from Watford for a fee worth up to £15m and the Senegal international contributed with five goals and six assists in 35 appearances in his debut season with the Ligue 1 club.
Sarr previously spend four years at Watford, where he established himself as a star attacker both in the Premier League and Championship.
Sarr to leave Marseille as part of summer clearout?
The winger scored 34 goals and provided 22 assists in 131 appearances for the Hornets across all competitions, including 10 strikes and six assists in 39 Championship games in his final year at the club before moving to Marseille.
Although Sarr still has four years remaining on his contract at Marseille, he is now expected to be one of a number of first-team players who will be allowed to leave the Ligue 1 club following the appointment of head coach Roberto De Zerbi.
The former Brighton & Hove Albion boss is overseeing an overhaul of Marseille's squad this summer; over £40m has already been generated from player sales, including the reported £15m received for Sarr's Senegalese teammate Iliman Ndiaye who lasted just one season at the club before joining Everton earlier this month.
Marseille have signed five players so far this summer, including the £26.6m arrival of Mason Greenwood from Manchester United and the addition of Pierre-Emile Hojbjerg from Tottenham Hotspur on an initial loan deal with an obligation to buy.
The funds generated from the potential sale of Sarr could go towards Marseille's alleged move for Arsenal striker Eddie Nketiah.