However, other transfer priorities and departures are expected to take precedence before the Bundesliga club moves for the 20-year-old. Ajax are not ruling out a sale but have made clear they have no intention of letting him leave cheaply, with Bounida under contract until 2028.
Bounida, who was born in Belgium and made his senior debut for Morocco's national team at the end of May, was not included in Morocco's World Cup squad this summer. For Ajax, he has made 29 senior appearances, scoring two goals and providing nine assists, and has recently operated mainly as a central attacking midfielder while also featuring on the wings.
Borussia Dortmund's preferred solution for that same attacking midfield role remains Genk's Konstantinos Karetsas, 18, with the two clubs already understood to be aligned in principle over personal terms with the player himself.
A fee, however, has yet to be agreed between the clubs, even though Dortmund's offer of €35m and Genk's valuation of around €30m are not far apart, suggesting a compromise could ultimately be reached. Genk's technical director Dimitri De Condé addressed the speculation directly, saying: "We know exactly what we have in him, and he also still has a long-term contract.
"It is still far too early to say where his future will lie. Konstantinos knows that his future could potentially also be here."
Dortmund appear to be preparing for multiple scenarios as they look to strengthen their options behind the striker, with Bounida representing a fallback plan should the Karetsas negotiations stall or should the Belgian-born Moroccan international become available on more favourable terms once Ajax's own transfer business elsewhere becomes clearer.
The Bundesliga club are also working through outgoing transfers of their own this summer, with sales expected to help fund whichever direction they ultimately pursue in the final third of the pitch. For now, though, Karetsas remains the club's clear first choice, with talks between Dortmund and Genk expected to continue in the coming weeks as both sides look to find common ground on a valuation.