Madrid Deny Olise Approach as €200m Transfer Saga Takes Fresh Turn

Real Madrid have moved swiftly to extinguish speculation linking them with Bayern Munich's Michael Olise, issuing an official statement denying any contact with the French winger or his representatives.

The denial comes hot on the heels of reports claiming Los Blancos were preparing a staggering €200million (£173m) offer for the Bayern star. Spanish outlet Marca had suggested Madrid held €150m in reserve for a bid that could potentially reach €200-220m (£173-191m).

The timing is particularly curious given Florentino Perez's recent presidential re-election campaign, during which he pledged to submit a €150m proposal for a marquee 'Galactico' signing. That promise resonated with voters, delivering Perez 65 per cent of the vote and another term in charge.

Just days earlier, Madrid had submitted a €150m bid to rivals Atletico Madrid for striker Julian Alvarez—a proposal that predictably drew the ire of the Wanda Metropolitano outfit, who promptly reminded everyone of the Argentine's €500m (£433.5m) release clause. Fabrizio Romano has suggested that Alvarez move might simply be smokescreen, with Perez's true target being Olise.

But Madrid's official statement leaves little room for ambiguity. The club declared it "has not had any direct or indirect contact" with Olise, his representatives, or anyone in his circle. They also emphasised their "excellent institutional relationship" with Bayern, stressing that both clubs operate on principles of mutual respect and institutional loyalty.

The move signals a significant cooling of any pursuit, particularly given Olise's own reluctance to engage with the circus. The Bayern forward, who bagged 22 goals and 31 assists in the 2025-26 campaign, reportedly prefers to remain in Munich rather than navigate the speculation surrounding a Madrid switch.

Bayern's investment in Olise appears to be paying dividends. The club forked out €60m to Crystal Palace two years ago, and the winger has since blossomed into a world-class operator.

With the Olise door apparently closed, Madrid may now consider whether to resurrect their Alvarez pursuit or accept that opening gambit was nothing more than a negotiating ploy.