Olise, the former Crystal Palace winger, has been training with his team-mates ahead of the league phase encounter, but is not eligible to play due to a one-match ban.
Bayern have also confirmed that Joshua Kimmich will not be included in the squad to face Arsenal due to a family bereavement.
Another name that will not play against the Premier League champions is Jamal Musiala, who remains sidelined with a thigh tear that he suffered on international duty with Germany in September.
He is expected to be out for another week or so, taking his total time on the sidelines to around a month.
Otherwise, captain Manuel Neuer should return between the sticks after being spotted in training.
Joshua Kimmich will not play against Arsenal following a family bereavement
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The veteran goalkeeper has suffered with a foot problem in recent weeks, which has seen Jonas Urbig given a chance, but the 40-year-old is in line to make a comeback here.
Ahead of him, Konrad Laimer should get the nod at right-back, with Alphonso Davies on the opposite side ahead of Nathaniel Brown.
Dayot Upamecano and Jonathan Tah are likely to be the central defensive duo, with Aleksandar Pavlovic potentially partnered by Tom Bischof in the midfield engine room with no Kimmich.
Ismael Saibari operated as the No10 last time out, while Lennart Karl could come in to replace the suspended Olise on the right flank. Luis Diaz and Harry Kane will complete the attacking quartet.
Predicted Bayern Munich XI (4-2-3-1): Neuer; Laimer, Upamecano, Tah, Davies; Bischof, Pavlovic; Karl, Saibari, Diaz; Kane
Injured: Musiala
Doubt: Neuer
Suspended: Olise
Unavailable: Kimmich
Time and date: 8pm BST on Wednesday October 21, 2026
Venue: Allianz Arena
How to watch: TNT Sports