The 20-year-old is the primary target for the early part of the summer window for Palace.
Per The Mail, the London club have put in a bid of 12.7million with a further 1.7m due in add ons.
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Boss Oliver Glasner will be hoping to call on the 20-year old when pre-season begins.
Betis coach Manuel Pellegrini confirmed that he could not select Riad this weekend due to a transfer being in the works.
He will now have to prove that he is good enough to play regularly in the Premier League.