The former Barcelona and Bayern Munich striker believes Yamal's exceptional ability makes him a worthy winner, but he has also been impressed by Olise's performances in Germany.
"Of course, I push my finger for Lamine to win the Ballon d'Or, because he's amazing, especially for his age," Lewandowski told The Athletic.
However, the Poland international believes Olise has the potential to join the elite group of players competing for the award, particularly if he delivers on the international stage.
"Olise has a huge future. I know that everyone is talking about Lamine, but I try to find sometimes the different players and see something, sometimes that not everyone sees yet," Lewandowski said.
He suggested that a strong performance at the recently completed 2026 FIFA World Cup would have significantly strengthened Olise's case for the Ballon d'Or.
"For me also, probably if Olise scored one or two goals in the World Cup, he would be the favourite also to win the Ballon d'Or, with Lamine or with Harry Kane, also," he added.
Lewandowski also praised Kane's impact since joining Bayern, highlighting the England captain's goalscoring record and the difference he has made to the club's attack.
"Harry Kane came to Bayern in his prime and what he's doing is amazing, how many goals he's scoring, and especially that Bayern missed this kind of striker after I left," he said.
The striker believes Bayern have developed an effective attacking combination through Kane, Olise and Luis Diaz, with each player bringing different qualities to the team.
"And with him they're doing a really good job and Olise for me is like: 'Wow.' He's the game-changer player. And I think this work and cooperation between Kane, Olise and Diaz is like a perfect match," Lewandowski explained.
He was particularly impressed by Olise's decision-making, creativity and ability to recognise when to shoot or create opportunities for his team-mates.
Lewandowski also believes Bayern's performances last season deserved greater recognition, suggesting that Champions League success would have elevated their campaign to the level of the club's historic treble-winning season in 2019/20.
The Polish forward pointed to Bayern's dominance in the Bundesliga, including their emphatic 6-1 victory over RB Leipzig, as evidence of the club's continued development.
"The Bundesliga changed a bit the last one, two years compared to when I was there," he said. "But of course, how Bayern develops, that is something amazing that everyone can learn from them and try to follow them."
While Yamal remains Lewandowski's preferred choice, his praise for Olise highlights the Frenchman's growing reputation as one of Europe's most exciting attacking talents. Kane's consistent goalscoring also makes him a player to watch in the race for individual honours.
The 2026 Ballon d'Or winner is due to be announced on Monday at the 70th annual awards ceremony at the London Palladium.
Victor Boniface reportedly wants to leave Bayer Leverkusen in January 2027 as he looks to revive his career after a difficult period marked by injuries, fitness problems and limited first-team opportunities.
Barcelona youngster Xavi Espart is relishing the chance to make his El Clasico debut against Real Madrid on Sunday and believes staying calm will be key to handling the occasion.
Bayern Munich coach Vincent Kompany has backed Lennart Karl to rediscover his best form, insisting he is not worried about the teenager's recent struggles.
Bournemouth continued their perfect start to the Europa League league phase with a 3-0 victory over AC Milan, while Crystal Palace drew 2-2 with Besiktas in Istanbul and Juventus were held by Rennes by the same scoreline on Thursday.
