Patrick Vieira's side finished in 12th spot in the table last term and have genuine ambitions of pushing into the top half, at the very least, this time around.
The Eagles have made their name in recent years by using starlets from their academy and buying talented young players from the fringes of clubs in the top flight and from the upper echelons of the Championship.
It' means that Vieira is building a truly exciting team for the future who could potentially even push for a place in Europe.
While it looks increasingly likely that Palace will be without last season's star man Conor Gallagher, who is set to return to parent club Chelsea, there are some exciting deals taking place at Selhurst Park.
The Eagles have already strengthened in goal after recruiting England goalkeeper Sam Johnstone from West Brom on a free transfer.
The 29-year-old will join a Palace defence that, impressively, conceded just 46 goals last term, the seventh lowest of all clubs in the top flight.
Johnstone could join talented defenders Tyrick Mitchell, Marc Guehi and Joachim Andersen, along with potential recruit Aaron Wan-Bissaka.
The Manchester United man has been linked with a return to Selhurst Park after falling out of favour at Old Trafford, however it remains to be seen if a move will be plausible.
With Gallagher returning to Chelsea, Palace could have a new-look midfield next term.
Eberechi Eze will be hoping to enjoy a full season after recovering from injury, and could be joined by two new recruits.
Flynn Downes could move to the Premier League club after a successful season with Swansea City in the Championship, although West Ham have made a bid for the player too.
talkSPORT understands that Morgan Gibbs-White is another player on the club's radar, with Palace hopeful of beating Everton and Nottingham Forest in the race to sign Wolves midfielder.
The trio will be hoping to provide support for Palace's frontline.
Wilfried Zaha will be hoping to be as influential as ever down the left flank, while Michael Olise has already showed glimpses of the sort of quality that he can offer.
In attack, Odsonne Edouard will be hoping for an improved campaign after netting six goals in his opening season for the club.
After scoring 86 in 179 for Celtic, the hope is that he can hit the goal trail this term.