Vlahovic, who will be available on a free transfer this coming summer, represents a cost-effective option for the German giants compared to other high-profile alternatives.
The Bavarians are reportedly prioritising the 25-year-old's signing without paying a substantial transfer fee, preferring this route over investing heavily in Chelsea's Nicolas Jackson.
The No.9's prolific performances in Serie A have also attracted interest from Premier League heavyweights Manchester United and Tottenham Hotspur, but Bayern hope to conclude negotiations before the 2026 summer window opens fully.
Sources suggest that the club sees Vlahovic as a long-term solution for their attacking line, with the Serbian international's versatility and finishing ability aligning with Bayern's tactical ambitions under their current management.