Preheat the oven to 375°F (190°C)
In a large bowl, combine the warm water and yeast. Let it sit for 5-10 minutes until the yeast is activated.
Add the olive oil, salt, and 2 cups of flour to the bowl. Mix until a dough forms.
Gradually add the remaining cup of flour, one cup at a time, until the dough is smooth and elastic.
Knead the dough for 5-10 minutes until it is smooth and elastic.
Place the dough in a greased bowl, cover it with plastic wrap, and let it rise in a warm place for 1 hour, or until it has doubled in size.
Punch down the dough and divide it into 12-15 equal pieces.
Roll each piece into a ball and then flatten it into a disk shape.
Place a tablespoon of pizza sauce in the center of each disk, followed by a sprinkle of mozzarella cheese, cheddar cheese, pepperoni, basil, and oregano.
Fold the dough over the filling and press the edges together to seal the bread.
Place the monkey bread in a greased 9x13-inch baking dish.
Bake the monkey bread for 20-25 minutes, or until it is golden brown and cooked through.
Remove the monkey bread from the oven and let it cool for 5 minutes.
Serve the monkey bread warm and enjoy!