Premier League rivals Wolves Arsenal and Leeds United have also been credited with an interest in Olise.
Olise, who also spent time in the Manchester City and Chelsea youth systems, made his Reading debut last year towards the end of the 2018-19 season.
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Last season was his breakout campaign, with 19 league appearances with one assist to show his efforts.
And he started this season in great shape under new Reading boss Veljko Paunovic, starting his team’s four League games by scoring once and registering two assists.
The transfer window is open until Friday at 5 p.m. for agreements to be concluded between the clubs of the Premier League and the English Football League (EFL).
The Mail says it is likely to leave the Madekjski stadium and attract interest from a few top clubs.
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Olise, who is described as a ‘midfield maestro’ by Reading, is under contract with the club until 2022
Wolves are not expected to add players before Friday’s deadline, with the emphasis on likely departures.
Fringe players like Ryan Bennett, Max Kilman and Dion Sanderson could all be ready for Molineux’s exits.