The 23-year-old has established himself as one of the best wingers in the world since joining Bayern from Crystal Palace last summer.
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Olise currently has an impressive eight goals and six assists from his 14 games across all competitions so far this season.
According to Transfermakrt, Bayern are hoping to reward the Frenchman for his fine form and ward off interest from across Europe.
Liverpool, Man City, and Real Madrid have all been linked with move for Olise, although Bayern are in a strong position with his current deal set to expire in 2029.