Real Madrid are not planning a fight. Several reports this week say Los Blancos have already concluded Michael Olise will renew his contract at Bayern Munich, and that only a concrete offer, which is not currently in the works, could change that calculation.

Bayern’s intent has been made unusually public. Karl-Heinz Rummenigge, a supervisory board member, told German broadcaster ran on 8 October that both Olise and Harry Kane were on the renewal list, and he put a running order on it.

“Both plan to stay at FC Bayern for a long time. I hope, and am also very confident, that Harry will extend his contract soon. And that Michael will be next. I’d like to see him stay at Bayern for a long time to come,” Rummenigge said.

A record contract to 2032

The 24-year-old is contracted to Bayern until 2029 with no release clause, which is the strongest card the German champions hold. Bayern want to extend the deal to 2032 and move Olise ahead of Kane and Jamal Musiala on wages, with reporting from Sky Sport Germany and Bild pointing to a projected salary of around €25m a year that would make him the highest-paid player in the club’s history.

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That would be a sharp rise from where Olise sits today. He is on roughly €15m a year, Yahoo Sports reported in June, with a Bundesliga Player of the Season campaign behind him, 22 goals and 31 assists across 52 matches, that lifted his market value well beyond that number.

The one condition from Olise’s camp

Any new deal is unlikely to be signed without an exit route. Christian Falk of Bild reports that Olise’s representatives are pushing for a release clause set above €200m to be written into the renewal, a figure Bayern’s hierarchy is said to view as realistic. The club has historically resisted release clauses, and giving in to one would be a rare concession from the Säbener Strasse.

Madrid’s reading of the room

Real Madrid are watching that detail more than any other. Madrid-based reporting adds that Bayern expect Olise to renew unless Madrid take concrete steps to bring him to the Santiago Bernabéu, and that Olise, while open to Madrid in principle, remains comfortable in Munich. During the summer window Madrid held back out of their working relationship with Bayern, and nothing in October has changed that posture.

Olise is one of the 30 nominees for the 2026 Ballon d’Or, with the ceremony in London on 26 October.

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