Olise has missed three matches since walking off with a muscle injury in the final moments of December’s victory over Brentford, in which he scored twice.
But he trained last week and is in contention to start against the Premier League’s bottom side.
“Our injury situation now, funnily enough, is pretty good," manager Roy Hodgson said on Monday.
“It’s a stark contrast to how it was a few weeks ago. The only players that we can’t call upon at the moment are the two who have had operations, Cheick Doucouré and Rob Holding. Joel Ward is still not back to full fitness but he is actually quite close now. So I don’t think it will be long now before we get him back as well.
“It’s pretty good at this stage of the season to just have those three missing.”
Hodgson said of Olise: “He’s available. He’s trained [for the past nine days]. We have to be careful if the sports science people are urging caution, but we’ll see. He himself feels he’s fine.
“I don’t have any concerns myself, but we will have to keep an eye on it because it’s quite a long time since he played his last game.”
Palace also have Jordan Ayew available again, after he returned to England following Ghana being knocked out of the Africa Cup of Nations.
Crystal Palace predicted XI (4-2-3-1): Henderson; Clyne, Andersen, Guehi, Mitchell; Richards, Lerma; Olise, Eze, Ayew; Mateta
Injuries: Doucoure, Holding, Ward
Date and time: 8pm GMT, Tuesday January 30, 2024
Venue: Selhurst Park