Heat olive oil over medium heat and cook sausage until browned. Drain.
Combine sauce with the sausage and simmer on low until warm. Set aside.
Cut the center out of the loaf of bread being careful not to pierce the bottom of the loaf to create a bowl. Save the removed bread to be used for dipping later.
Add ¼ cup of shredded mozzarella to the bottom of the bread bowl, then pour in the sauce and sausage mixture. Add the cheeses to the top of the bowl, then place pepperoni on top. You can also put the pepperoni underneath the cheese.
Place bread bowl on a baking sheet and bake for 10 minutes or until cheese is melted and slightly browned.
Serve with your favorite dipping sides and cut up pieces of bread that you pulled from the center of the loaf.