Bayern chiefs were in attendance at Arsenal’s recent FA Cup semi-final win and have now allegedly made Sanchez their No 1 summer transfer target.
Contract talks between Sanchez and Arsenal have stalled this season, to the extent that the player now has just 12 months left of his current deal at the Emirates.
As one of the most sought-after forwards in Europe, Arsenal will be keen to avoid letting the Chilean run down his contract and leave for free.
Although manager Arsene Wenger has ruled out selling the player to a Premier League rival, the option of a foreign club remains on the cards.
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And according to reports, the German champions have spoken to Fernando Felicevich, Sanchez’s agent, who also represents compatriot and current Bayern star Arturo Vidal.
SportBild reports former Arsenal player Serge Gnabry is also being considered as a back-up option.
Bayern are in the process of scouting for new forwards who can help boost the side’s frontline this summer, with club chiefs worried it has become too reliant on Robert Lewandowski.
And with Arjen Robben and Franck Ribery both well into their 30s, while Brazil’s Douglas Costa looks to move on in search of regular first-team football, there’s a sense at the club that new firepower is needed.
Despite reports to the contrary, Wenger has insisted both Sanchez and Mesut Ozil want to stay at the club.
"I personally believe both of them want to stay and I hope the club will find an agreement with them," the Frenchman said in late March.
After the win over Manchester City 10 days ago, he again expressed his hope that Arsenal would be able to renew Sanchez’s contract.
"He will be here next year because he has a contract and hopefully we will manage to extend him."