The 21-year-old winger joined Crystal Palace in the summer of 2022 from Derby County, where he had made his breakthrough in the Championship.
Ebiowei went on to make five senior appearances for Palace in the 2022/23 season, before subsequently embarking on loan spells at Hull City, RWD Molenbeek and Oxford United.
He will now continue his footballing journey in League One under Steve Bruce at Blackpool.
Everyone at Palace would like to thank Malcolm for his efforts during his time at the club, and wish him well for his future career.