Real Madrid are reportedly exploring a complex deal structure to sign Bayern Munich winger Michael Olise that would combine a substantial cash offer with the inclusion of either Aurélien Tchouaméni or Eduardo Camavinga.
The proposal, valued at approximately €200 million in either scenario, would be formatted as two separate operations rather than a direct player swap. This accounting structure would allow both clubs to record transfer income and expenditure independently, while theoretically permitting Bayern to reject the midfielder without collapsing the entire negotiation.
The Proposed Structure
According to reports, Madrid would offer between €100 million and €130 million in cash alongside one of the French internationals. Should Tchouaméni be the player included, the club values him at roughly €100 million, paired with a €100 million cash payment. Alternatively, Camavinga—valued at approximately €70 million—would accompany a €130 million cash component.
The dual-operation format carries significant internal implications for Madrid. Parting with Tchouaméni would prove more disruptive to the squad structure, as the 24-year-old is established in the deepest midfield role. The Camavinga route would require a larger cash outlay but would be less destabilising to the current team.
Institutional Resistance
The reported approach follows an earlier formal denial from Real Madrid regarding any contact with Olise or his representatives. That statement, transmitted via transfer journalist Fabrizio Romano, emphasised the club’s “excellent institutional relationship” with Bayern Munich and insisted any genuine interest would be communicated club-to-club first. Analysts noted the denial addressed procedural protocol rather than extinguishing interest entirely.
Bayern Munich’s hierarchy has maintained an unambiguous stance against any sale. Club president Herbert Hainer stated that Olise, who joined from Crystal Palace in summer 2025 on a contract running until 2030, “is a player for FC Bayern Munich who still has a long contract – and we are not a selling club.” Board member Karl-Heinz Rummenigge described the winger as “unsellable,” reportedly dismissing Madrid’s chances regardless of any fee offered.
Player Profile and Next Steps
Olise enjoyed a prolific debut season in Bavaria, contributing 25 goals and 27 assists. His performances have reportedly marked him as a Galáctico-calibre target for Madrid, whose willingness to engineer such a complex deal signals serious intent despite Bayern’s public position.
However, current reporting from Germany does not suggest the 23-year-old is agitating for an exit. Without the player pushing for a move, Bayern retain maximum leverage. Madrid’s gambit relies on Bayern’s previously documented interest in both Tchouaméni and Camavinga, though it remains unclear whether that interest is sufficient to shift the German club’s institutional resistance.
The saga now hinges on whether Madrid formalise their deliberations with a written approach, and whether Bayern’s board reconsider their position that the player is unavailable at any price.