The Netherlands Under-19s international is allegedly being monitored by the Bundesliga giants, with reports stating that the German clubs have been watching him for a couple of years.
"Bayern and Dortmund have both been watching Ould-Chikh for about two years now," a source close to the player told Goal.com.
"They both saw him in action during this summer's Under-17s European Championship in Malta and also scouted him during the [Under-19s] international friendly between Germany and Netherlands in Koln earlier [in September]."
Ould-Chikh has already made his first-team debut for Twente at the age of 16 this season.
The youngster's current deal with the Dutch club runs out in June 2016 but Twente are looking to offer Ould-Chikh an extended contract when he turns 18 next year.