“We’re going to submit a €150 million offer for a player from a Champions League club.” Florentino Pérez dropped a bombshell during his election campaign on Horizonte, the show hosted by Iker Jiménez. When asked directly about Bayern player Michael Olise, the Real Madrid president denied it—but the offer was ultimately aimed at Atlético Madrid for Julián Álvarez, prompting mockery from the club on social media.
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But things aren’t always what they seem. At this point, it appears clear that the move for Julián was a bluff, designed more to complicate Barcelona’s pursuit of the Argentine than a genuine attempt to sign him—especially given Florentino’s increasingly aggressive stance toward Barça amid the “Negreira case.”
In reality, all signs point to Michael Olise, the standout performer of the Champions League season and part of Bayern’s devastating attacking trio alongside Harry Kane and Luis Díaz. He checks several boxes that would make him an ideal signing for Madrid: a natural partnership with Kylian Mbappé (as seen in France’s opener against Senegal), a right winger—a position Madrid lacks—and the charisma and upside to counter Barcelona’s emerging “Lamine effect.”
It won’t be easy. Bayern are not known as a selling club.
“If Florentino Pérez wants to send us an offer—which he hasn’t done yet—he can save himself the trouble,” said club president Herbert Hainer when Olise first emerged as a Madrid target.
Madrid still have those €150 million ready, but prying Olise away from Bayern could cost significantly more. In fact, the club could push the bid beyond €200 million, potentially up to €220 million.
Naturally, Madrid’s resources are not unlimited, despite their strong financial position. That’s why a major departure in midfield isn’t ruled out ahead of next season. The defense is being reshaped (Carvajal and Alaba have already left), while the attack is considered untouchable, with Mbappé, Vinícius, and Bellingham seen as the pillars going forward. As a result, players like Fede Valverde or Aurélien Tchouaméni could be on the market, especially after their recent clash at Valdebebas put both under scrutiny.
Will an offer north of €200 million be enough? One thing is clear in football: players ultimately play where they want. And Olise has a powerful backer in Madrid—Kylian Mbappé. After becoming France’s top scorer, he had nothing but praise for the Bayern winger:
“With Michael it’s really easy, because he always keeps his head up. You just need to offer him a passing option and he’ll find you. I already knew it, and it was really great.”
That connection was evident in France’s win over Senegal, where Olise assisted Mbappé with a perfectly timed through ball—a natural link that Real Madrid arguably lacked last season.
Enzo, a separate operation
The move for Olise—the dream target for Florentino—is separate from the pursuit of Enzo Fernández, which the club views as a lower-profile deal. The Argentine’s desire to join Madrid is well known, as are the issues he faced last season at Chelsea, even being sidelined after openly signaling his interest in the Spanish giants.
Madrid know Enzo won’t come cheap, but the deal is considered more feasible than Olise’s, given Bayern’s tradition of holding onto their stars and their ability to match Madrid financially.
Different operations, but both underway—aimed at completing an ambitious 2026-27 project featuring José Mourinho as head coach, three confirmed signings (Cucurella, Bernardo Silva, and Konaté) and a fourth on the way (Dumfries), with at least two more additions expected to build a team capable of competing for everything.
