Chief executive Jan-Christian Dreesen confirmed that he and sporting director Max Eberl will jointly handle discussions over a new deal for the French winger.
"That (Olise's contract extension) is something Max and I are jointly responsible for," Dreesen said.
"We always said that we don't just have a fantastic player in Harry, but also other great players in our squad, including Michael Olise. His contract runs until 2029, and we'll sit down and discuss things at the appropriate time."
Olise has attracted interest from several of Europe's biggest clubs following his impressive performances for Bayern, making his contract situation an important issue for the Bundesliga champions.
Real Madrid have previously been linked with a move for the winger, with reports suggesting they were prepared to offer up to 150 million euros before turning their attention elsewhere.
However, Bayern are determined to protect their key players and would be in a strong negotiating position should any club attempt to prise Olise away from Munich.