The Jamaican winger is currently plying his trade in the Bundesliga with Bayer Leverkusen, with the club reluctant to sell the player to their domestic rivals.
Leverkusen's preferred plan of action is to sell the 20-year-old to Champions League finalists Real Madrid, who are also reported to hold a serious interest in the electric wideman.
Bailey has emerged as one of the most promising, young players in Europe in recent years, having made the move to Leverkusen from Belgian side Genk in January 2017.
A strong season has seem him clock up nine goals and six assists to propel his side to fifth, though it appears as though it may well be his last capaign for the club.
Leverkusen believe that the winger prefers a move to Bayern, but hope that other sides will show their interest in the coming weeks, with a host of Premier League clubs known to have watched him this season.