The Ghanaian will spend the next three seasons with The Eagles after a loan spell during the previous campaign
The 27-year-old has penned a three-year contract with The Eagles, ending his association with parent club Swansea City.
He made 20 league appearances involving 14 starts for Palace, and score once. In the FA Cup, he found the back of the net once in three matches.
“I am very happy [to have returned]. I really enjoyed myself last season,” Ayew said, as reported by Palace’s official website.
“I enjoyed the stadium, the fans, the boys – they were really good to me – everything here was positive and that’s why I decided to continue with Crystal Palace.”
“We are delighted to secure Jordan’s services for another three seasons at Crystal Palace,” club manager Roy Hodgson said.
“He has proved himself as a dedicated and hard-working member of the squad, and certainly played his part in the club securing its highest ever Premier League points tally in the last campaign.”