The Wales international's current contract runs out in the summer and he had been stalling on a new deal with the Scottish champions.
Hoops boss Neil Lennon was desperate to hang on to the fans' favourite but has reluctantly agreed to accept the reported £800,000 on offer rather than lose him for nothing at the end of the season.
Palace still have to wrap up the deal and Lennon admits they must move fast to secure Ledley.
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