Would Bayern Munich turn down €200m for Michael Olise? The only way Real Madrid transfer happens as Bundesliga title winner explains stance at Allianz Arena

Those plans may have been put on hold for now, with Vinicius Junior - who had been linked with Arsenal - signing a lucrative new contract. More creativity and firepower on the wings has also been found in a €140m (£120m/$162m) deal for Ivorian forward Yan Diomande.

The Blancos have no need to spend big on Olise in the current window, but may explore that option again in the not too distant future. The 24-year-old is said to have seen his head turned by interest from Santiago Bernabeu.

It is easy to see why Real would be keen on Olise, after watching him register 66 goal contributions across outings for club and country in the 2025-26 campaign. He is a two-time Bundesliga title winner at Bayern and caught the eye alongside Kylian Mbappe at the 2026 World Cup.

Quizzed on whether admiring glances from the Spanish capital will be a source of concern for those at the Allianz Arena, ex-Bayern midfielder Hamann - speaking in association with MrQ - told GOAL: “He's got two or three years left. Uli Hoeness said categorically there's no way because they always stress they're not a selling club. They only sell players when they want to sell players.

“He's been the standout player. They've got no intention, no interest whatsoever. If the player comes to Bayern Munich and says, ‘I want to leave’, then it might be a different proposition, might be a different scenario. But Diomonde from Leipzig is on his way to Madrid. Then unless Vini Jr leaves, I can't see Olise going there as well.

“I think the team coming back from Asia, Bayern Munich in the next couple of days, Olise will be back in training in the next two or three days. I think once he starts training here, I can't really see it happening. I'm pretty sure that Olise is a Bayern Munich player next season.”

It was reported at one stage that Real were prepared to pay €223m (£191m/$258m) for Olise and make him the most expensive player on the planet - topping the deal that took Neymar to Paris Saint-Germain from Barcelona in 2017.

Asked if Bayern could, despite their reluctance to sell, afford to turn down such an offer if one were to be tabled, Hamann added: “They turned down nearly 100 million for [Franck] Ribery and we're going back 10 or 15 years now. And they told that story, I can't remember who it was. I think it was an English club. It might have been Manchester United where Ribery asked the board to contemplate it and they said, no, it's not going to happen.

“So if an offer of 200 million were to come in and the player wants to go, then it might be a new situation. I think it's all down to the player. If the player goes to the board and says, ‘I see myself somewhere else’, then I think things will change.

“And Real Madrid apparently approached him, Olise, and surely they know how much it'll cost to get him out of Munich if there was a chance. So we're talking 180, 200 million. I think it only might become relevant if the player stresses and says, ‘I want to go’, because unless it happens, they won't entertain anybody, even speaking.”

Olise is tied to a contract in Munich through to the summer of 2029. Those terms are helping to keep his asking price high and mean that Bayern are under no pressure to consider parting with a prized asset.

The former Crystal Palace star should be back alongside Harry Kane and Co in 2026-27, with Bayern setting their sights on Champions League glory. It could, however, be that the enigmatic playmaker makes his way to the Spanish capital at some point in his career.