Real Madrid is studying a business structure to try to recruit Michael Olise (23 years old) from Bayern Munich that combines a cash offer of between 100 and 130 million euros with the inclusion of Aurélien Tchouaméni or Eduardo Camavinga, according to Defensa Central. The proposal would not be presented as a direct swap, but rather as two separate operations, with the total package approaching 200 million euros in either scenario. As had already been reported by Football España, Florentino Pérez was willing to exceed 200 million for Olise, and this model appears as a way of making the ambition viable without resorting to a single gigantic 'check' to a club that has already said no.
The plan has two variants depending on the midfielder included. If it is Tchouaméni, Real Madrid gives him a value of around 100 million euros, adding 100 million in cash — a package worth around 200 million. If it is Camavinga, the internal valuation drops to around 70 million, increasing the cash component to 130 million, reaching an equivalent total. The configuration in two operations, and not one exchange, is relevant: it allows both clubs to record transfer income and expenses independently, with an impact on financial and accounting rules, and gives Bayern the option of refusing the midfielder without, therefore, immediately collapsing the negotiation for Olise — even though, in practice, the movements are interconnected.
The big obstacle remains Bayern's position. President Herbert Hainer was emphatic in stating that, if Florentino wants to make a proposal, “you can save yourself the trouble”, highlighting that the Bavarians are not a selling club. Karl-Heinz Rummenigge, a member of the board, classified Olise as “non-transferable”, language that goes beyond the usual negotiating stance and signals institutional resistance, more than a price waiting to be reached.
On the merengue side, in the summer there was a public denial of contacts, direct or indirect, with Olise or her entourage. This position contrasts with the increasing detail of the reported offers, which is why the architecture of a possible approach has as much weight here as the final figure.
The inclusion of Tchouaméni or Camavinga is based on Bayern's alleged interest in both midfielders in previous moments, according to Defensa Central. Real is thus trying to transform a known preference of the German champions into a negotiating asset. It remains to be seen whether this interest is strong enough today to shake Munich's hard line on the Olise dossier.
Internally, the choice of player to be included would have a different impact. Tchouaméni, valued at 100 million, is a nuclear player at 24 years old, starting in the deepest role in midfield. The plan drawn up by Pérez for the summer aimed to remodel the attack, not weaken the engine room, which makes the Camavinga route — less disruptive to the structure of the squad, despite the lower evaluation — the most conservative solution.
Olise's classification as a 'galactic' caliber signing is understandable given what he signed last season: 25 goals and 27 assists for Bayern, numbers that place him among the most productive wingers in Europe. Real Madrid's interest has been growing since the beginning of June and the willingness to put together financial engineering of this complexity shows that the dossier is taken seriously.
The risk, however, is that Bayern will not even enter the conversation, leaving Real to publicly signal the possible departure of a starting midfielder for nothing. Reports of previous proposals in the order of 160–165 million euros were not recognized by the Bavarians, much less counter-proposed, which points to structural rather than cyclical resistance. The next relevant step will be to understand whether the Whites move from internal deliberations to a formal proposal and whether the format — two operations instead of a single move — is enough to open a door that, until now, the Munich hierarchy has kept closed. Olise's own position also counts: the German press does not indicate a player to force his exit, so any agreement will depend, above all, on a value that convinces Bayern.