Olise replaces Jordan Ayew in the side to take on Liverpool, joining Ebere Eze and Jean-Philippe Mateta in a mouthwatering forward line.
In defence, Nathaniel Clyne comes in for Joel Ward to face his former side, with Joachim Andersen captaining the Eagles; Tyrick Mitchell and Daniel Muñoz continue on either flank.
Will Hughes, Adam Wharton and Jefferson Lerma also start, with 18-year-old David Ozoh among the midfield reinforcements on the bench once again.
Jairo Riedewald also returns to the squad to take his place among the replacements, with Odsonne Edouard, Ayew and Naouirou Ahamada available to come on if required.
Liverpool: Alisson (GK), Bradley, van Dijk, Konate, Robertson, Jones, Endo, Mac Allister, Salah, Diaz, Nunez.
Subs: Kelleher (GK), Gomez, Szoboszlai, Gakpo, Elliott, Jota, Gravenberch, Alexander-Arnold, Quansah.
Palace: Henderson (GK), Muñoz, Clyne, Andersen, Mitchell, Lerma, Hughes, Wharton, Eze, Olise, Mateta.
Subs: Matthews (GK), Ward, Tomkins, Ayew, Schlupp, Edouard, Ahamada, Riedewald, Ozoh.