The Bundesliga champions were firm in their summer stance to reject all transfer bids for their flying Frenchman amid rumours of an incoming offer from Real Madrid.
Los Blancos were reportedly tracking him as an option to bolster their attack, but several key figures at the Allianz Arena rejected the idea of entering into sale talks, and the LaLiga giants eventually landed a club record deal for Yan Diomande from RB Leipzig.
Olise has been sensational for Bayern following his 2024 move from Crystal Palace, with 50 goals scored in 114 appearances, and two German top-flight titles under his belt.
However, the club are not taking any chances over his long-term future in Bavaria, with his current deal expiring in June 2029.
As per the latest update from German outlet Bild, talks over a new deal are progressing positively, and Bayern are hopeful the 24-year-old will sign a new deal until 2032 alongside a major salary increase.