The 26-year-old was linked with Tottenham in the summer but manager Alan Pardew says Palace received no bids for him.
"There was no bid but we know, if he was available for £5m, we'd have a queue from here to wherever," he said.
"He's a lot more money than that, and now we've got three and a half years he's worth a lot more money."
Pardew admits that the former Bristol City man could end up leaving the Eagles - if he can improve his end product.
Bolasie has scored just seven league goals for Palace - who face Watford on Sunday - since joining in 2012.
"I've said all along that this guy needs to deliver the final moment, and when he does that he won't be here in three and a half years," said Pardew.
"If I can develop him and take this club forward, that's great. Then if a big club comes we use that money to take the club forward. Simple equation."

It features the vast Cuajone copper mine in the Andes, where some 170,000 tonnes of metal are taken from the ground each year.
Built by Europe's Airbus group and launched on 16 September, PerúSAT-1 can see features as small as 70cm.
Its pictures will have myriad uses - from agriculture and urban planning to border control and disaster relief.
The satellite is being operated by the Peruvian space agency, CONIDA, at a height of 695km.

Steve Davies told AMs officials were "concerned" about the volume of early entry.
It follows criticism from Education Secretary Kirsty Williams that children were being "banked" at lower qualifications.
Mr Davies said the government wants to take action on the issue in the autumn.
Ms Williams expressed concerns earlier in May that the focus on raising GCSE attainment to C grade has led to "unintended consequences", with some children put in for early entry to bank a lower qualification instead of potentially reaching higher.
The senior civil servant - asked about the issue of "early entry as a way of gaming the system" by Labour AM Lee Waters - said the Welsh Government advice was that decisions around early entry were made "in the interests of an individual child".
He told the assembly's public accounts committee that this year that some schools have conducted early entry "almost to test the system".
But he added: "I do believe... there are also those out there who are gaming."
Mr Davies acknowledged: "Sometimes that's the pressure that the system we have puts on them.
"I'm not in any way justifying it, but I can understand that people will resort to that."
Mr Davies said the government was working with Qualifications Wales (QW) to identify "the scale of the problem" with a report from the body due in September.
He added Ms Williams is "very aware of it" adding that action will be taken in the "early part of the autumn term" following the review.
Crystal Palace winger Yannick Bolasie has signed a new three-and-a-half-year contract at Selhurst Park.
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Peru's first national satellite, PerúSAT-1, has returned its maiden image of the country.
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Some schools are "gaming" the exam system by entering children early, the Welsh Government director of education has said.