According to Sky Sports Germany, both German clubs are monitoring the 19-year-old midfielder ahead of a potential transfer.
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Bulatovic broke into Lens' first team last season and has made seven appearances across all competitions this campaign.
The youngster also attracted interest from Saudi Arabian clubs during the summer transfer window but remained in France.
Despite his age, Bulatovic has already earned 12 senior international caps for Montenegro.
He recently signed a contract extension keeping him at Lens until June 2030.
However, his long-term future remains uncertain, with Dortmund and Leipzig reportedly considering moves for the highly rated midfielder.