The Bundesliga club are closely monitoring the negotiations over Neymar between Barcelona and PSG – and if Coutinho is not included in the deal – they will prepare a bid for the former Liverpool midfielder.
Barcelona have previously placed an £80m price tag on the Brazilian and would prefer to see Coutinho leave the Nou Camp on a permanent transfer before the window shuts for European clubs on September 2.
Sky Sports News understands Bayern Munich would be looking to agree a two-year loan arrangement with Barcelona, similar to the deal they secured for Real Madrid midfielder James Rodriguez in 2017.
Bayern have already brought in Inter Milan midfielder Ivan Perisic on a season-long loan, as well as French full-back duo Lucas Hernandez and Benjamin Pavard as well as Marco Friedl and Jann-Feite Arp.
Coutinho has four years remaining on his current deal at Barcelona, and has scored 21 goals over the course of two seasons, helping the Spanish giants to consecutive La Liga title since his arrival in Catalonia.
Sky Sports News has been told Coutinho’s preference is not to move to Germany. The 27-year-old also rejected a loan move to Tottenham prior to Transfer Deadline Day in the U.K.
Meanwhile, Neymar’s representatives have travelled to Paris for talks with PSG, increasing the likelihood of Coutinho’s compatriot making a return to La Liga.
Real Madrid have also held discussions with the forward, according to Sky sources.
Thought the transfer window was closed? Wrong. Across Europe, plenty of deals are still being done, with Premier League players still able to move to the continent.
The transfer window for Spain’s La Liga, Italy’s Serie A, Germany’s Bundesliga and France’s Ligue 1 closes at varying times on Monday, September 2. Meanwhile, League One, League Two and Scottish clubs can also do deals until September 2.
Follow our Transfer Centre blog for all the latest news and rumours from the window…