Hello @kadam ,
For communication, the OCTOSPI can only be used as master only, it cannot be a master and slave like SPI. Please take a look to RM0481 Section 23 Octo-SPI interface (OCTOSPI).
Note that, the OCTOSPI interface supports the XSPI (JEDEC251ES) standard compliant feature. If the device (not only memory) supports this standard, so, you can interface this device with OctoSPI. But, it is necessary to check the compatibility of the command between the OCTOSPI interface such as command order (Instruction phase, Address phase, Alternate-byte phase, Dummy-cycle phase, Data phase) and the bytes number for each command.
For MCU to MCU communication, I advise you to use SPI interface.
Thank you.
Kaouthar