The young Dutch centre-back is valued at £10m and was one of the stand-out players last season for Dutch giants Ajax.
The 20-year-old had a choice between Palace and Everton and he has chosen Palace to be re-united with his former boss Frank de Boer.
The youngster was given his senior debut at Ajax by De Boer when he was in charge in 2013 and since then, Riedewald has been a constant figure in the first team.
Palace are close to agreeing a deal with Ajax and although the Eagles were worried about Everton’s interest in the defender, the Merseyside club seemingly expressed their interest too late as he had already made up his mind.
Riedewald has three caps for Holland and is one of the most highly-rated prospects in Dutch football.
It is no secret that De Boer is looking to strengthen his defensive unit with the London club being linked with various centre-backs and this Riedewald deal should be tied up soon.