Speaking to MARCA on the eve of the World Cup semi-final, the former Real Madrid and France midfielder, now an ambassador for ComeOn, rates the winger highly.
"Michael Olise to Real Madrid? I would support that. I had the chance to speak with president Florentino and I told him that if there's money to spend on one single player, it's him.
"Olise gives me back that feeling of watching football, the flavour of what we loved as kids: talent, freedom, quality, effectiveness. When he's not on the pitch, you notice his absence."
Makelele said Olise's unpredictability reminds him of the best in the game.
"When he's there, you sense that at any moment, like Messi, he can do something nobody was expecting. Look at Dembele, Mbappe, Barcola: they know he's capable of putting the ball into a space that other players don't even see. That's the modern football we love, the football that makes fans dream. Even the commentators are left amazed by his technique. He's exceptional."
Asked to weigh Olise against Jude Bellingham, Makelele declined to compare the two.
"Jude Bellingham or Michael Olise? Let them express themselves. What they're doing is exceptional. I don't make comparisons. That's my philosophy: you never compare the greats. You can't compare Pele to the generations that followed him, and with Maradona the comparisons never end. Zidane left his mark on world football and that will last forever, whatever generations follow him. Let each of these lads build their career in their own way and write their own name into the history of this sport."
On the Ballon d'Or race, Makelele made his preference clear.
"I'd like to see Mbappe take it. He hasn't won many titles with Real Madrid this season, but what he's doing at this World Cup is exceptional."
He compared the France captain to one of the game's most iconic strikers.
"What Kylian has been showing year after year brings him closer and closer to Ronaldo Nazario. We called Ronaldo 'The Phenomenon' for a reason, and Mbappe is the phenomenon of his own generation. And what's frightening is that he still has more to prove. So yes, I'm convinced he's the closest thing we have to a new R9."
On Real Madrid's coaching change, Makelele said he had no doubts about Jose Mourinho after his return to the club 13 years on from his first spell in charge.
"He's an intelligent coach, cultured and observant, he'll use his players according to the qualities they bring to the team's balance. Having a player who can cover three positions is a gem, because you never know what a season might bring in terms of injuries. Versatility is always a gift."
Among the squad, Makelele singled out Trent Alexander-Arnold as a player who could thrive under the Portuguese coach.
"Mourinho is a father figure, a leader, a great coach. He'll take care of the rest. I don't think it'll be a problem for Trent. It's up to Trent to listen to his coach if he wants to play and be effective. And when it comes to effectiveness, a coach never gives up his best player, even one who's a little bit difficult. I've always said a true professional can play in three positions. If he can play in his usual position, he can also do it in central midfield and out wide. For a complete footballer, covering three roles is no problem at all."