The Norway international arrives at Selhurst Park on a four-and-a-half-year contract with the option of a further 12-month extension.
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Palace are understood to have agreed a deal worth £43m plus £5m in add-ons, making the 25-year-old one of the biggest signings in the club’s recent history.
They are moving quickly to bolster their forward line as they look to add reliability in front of goal during the second half of the season.
Strand Larsen becomes Palace’s third signing in the winter transfer window, underlining their intention to address key areas early.
The deal has been completed regardless of Jean-Philippe Mateta’s future, despite AC Milan withdrawing from a bid for the Palace striker earlier in the day.
That development removed uncertainty over Palace’s attacking depth and allowed them to press ahead with a move they had been working on for weeks.
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Strand Larsen had attracted significant interest in the Premier League after establishing himself as a physical and mobile centre-forward.
Nottingham Forest had included him in a shortlist of four forwards, while Leeds United submitted an offer earlier in the window.
West Ham United also followed in December and Newcastle United saw offers rejected last summer before turning their attention elsewhere.
Palace ultimately moved faster and more decisively to achieve their goal.
Strand Larsen made 26 appearances in all competitions for Wolverhampton Wanderers this season, scoring six goals during a difficult campaign for them at the bottom of the table.
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He initially joined Wolves on loan from Celta Vigo in July 2024 and made an immediate impact, scoring 14 league goals in his first season at Molineux.
That form convinced Wolves to make the €27m deal permanent the following summer, and the striker signed a long-term contract.
Before moving to England, Strand Larsen spent two seasons in Spain and gained a reputation as a hardworking striker capable of leading the line.
His career began in Sarpsborg, Norway, before moving to Groningen and gaining European experience.
Internationally, he has become a Norwegian regular and brings valuable experience despite his age.
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Palace will hope his profile translates into goals and consistency as they look to stabilize their campaign.
Chairman Steve Parish described the striker as a long-term asset and praised his decision to commit his future to the club.
Strand Larsen has spoken of his excitement about the move and his desire to bring energy and goals to Selhurst Park.
Palace are now focusing on integrating their new signing with the aim of moving forward during the second half of the season.