Umolu moves to the League Two outfit after spending last season on-loan with Port Vale, helping them earn promotion to League One.
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He featured against the Ravens in Port Vale’s 5-0 win in April, clinching an assist.
The former West Ham United youth player also made 10 Premier League 2 appearances last season whilst also featuring three times for Palace U21s in the Vertu Trophy, netting in their 3-1 win away at Gillingham.
Umolu will wear the number 19 shirt.