Olise has been impressive for Bayern this season after the German giants met the £60m buyout clause in his Palace contract last summer.
For Hamann, the France international is a potential world-beater and could've solved a dilemma now facing Liverpool.
The former Reds and Bayern midfielder told Tribalfootball.com's partners, Flashscore: "I'm very surprised no one picked him up in England, if anyone was to replace Mohamed Salah, it would be Michael Olise.
"He's a brilliant player, he can score goals and create. Bayern won't want to lose Olise, but I won't be surprised if teams like Liverpool or Manchester United offer a big fee for him."
Asked if Olise could be compared with former Bayern star Arjen Robben, Hamann added: "Michael Olise will need to stay for a few years to reach that level, but he does have the ability to become as good as Arjen Robben.
"He certainly has the ability."