Real Madrid are maintaining their interest in Michael Olise despite Bayern Munich opening discussions over a possible contract extension for the France international, as his future remains uncertain at Bayern.

According to FootballTransfers on Friday, 13 November 2026, the Spanish club are monitoring developments surrounding the winger ahead of the 2027 summer transfer window. Olise has become one of Bayern’s most influential attacking players since arriving at the Bundesliga club, and his performances have attracted attention from several European clubs.

Madrid are interested in bringing the 24-year-old to the Santiago Bernabeu. Bayern, however, have previously made their determination to retain him clear, declaring that they would not consider selling the winger for €500 million. That stance could be tested next summer.

Olise’s current agreement with Bayern runs until 2029, meaning the club are not under immediate pressure to sell him to avoid losing him on a free transfer. Nevertheless, they are keen to secure his longer-term commitment and have yet to reach an agreement over an extension.

Bayern chief executive Jan-Christian Dreesen recently addressed the winger’s situation while speaking about Harry Kane’s new contract. He emphasised that the club value several important players within their squad, including Olise, while indicating that discussions about the Frenchman’s deal would take place at the appropriate time.

“We have always said that we don't just have Harry as a fantastic player in our ranks, but also players like Michael Olise, among others. His contract runs until 2029, and we will discuss that in due course.”

Despite Dreesen’s comments suggesting there is no immediate urgency, French newspaper L’Equipe reports that negotiations between Bayern and Olise have already begun. The publication indicates that the discussions “could intensify in the coming days”, potentially bringing greater clarity to the player’s contractual situation.

Real Madrid are reportedly keeping a close watch on those developments. Their interest is also being considered alongside manager Jose Mourinho’s position on Vinicius Junior, which could influence the club’s thinking about their attacking options and the possibility of pursuing another wide forward.

The report further claims that Kylian Mbappe and Ibrahima Konate have spoken favourably about Madrid to Olise during international gatherings. Their comments are said to have highlighted the attraction of living and playing in the Spanish capital, as well as representing one of Europe’s most prominent clubs at the Bernabeu.

Olise’s growing reputation is also reflected in his estimated market value. FootballTransfers places his valuation at €178 million, making him the second most valuable player in world football, behind Barcelona youngster Lamine Yamal. That figure underlines the scale of the financial commitment any interested club could face.

Nevertheless, Bayern remain determined to keep the winger and will hope that an improved contract can reinforce their position. With his existing deal still running for several years, they retain considerable negotiating strength.

Olise’s decision on whether to extend his stay could therefore become a significant storyline in the build-up to the 2027 transfer window, particularly if Madrid maintain their interest.