Vlahović, 25, has endured a difficult season in terms of output. He has scored just three goals in 696 Serie A minutes — a tally that falls well below expectations for a player of his status, though his underlying numbers show 30 shots and an expected goals figure of 4.12, suggesting poor finishing rather than a lack of involvement.
His contract expires in June 2027 and Juventus have not yet reached an agreement on an extension. The club have significantly reduced their wage offer compared to his current salary of around €12 million per season.
Vlahović rejected an approach from Arsenal in January, with sources close to him saying he wanted to fight for his place at Juventus.
Bayern are seeking a backup for Harry Kane and would be attracted by the potential of signing a proven Serie A striker in the prime of his career.
Milan, who are also pursuing Alexander Sørloth and Leon Goretzka this summer, view Vlahović as an alternative if their primary striker targets do not materialise.
No formal contact has been made by either club. Juventus retain the position that they would prefer to renew Vlahović's deal and are not actively looking to sell.