Sky Sports reported that Bayern had placed the Barcelona midfielder on their shortlist ahead of the winter transfer window.
However, according to MARCA, Olmo has not received a call or any direct contact from the Bundesliga club.
The situation could change in the coming months if Bayern decide to progress their interest, but there has been no concrete move at this stage.
Olmo is currently with Spain after establishing himself as a regular contributor for Barcelona during the opening weeks of the season.
The midfielder has featured in all eight of Barcelona's matches so far, appearing in seven LaLiga games and one Champions League fixture.
Olmo has alternated between starting and coming off the bench alongside fellow midfielder Fermín, starting three of those eight matches.
For now, there is no indication that Bayern's reported interest has developed beyond monitoring the Barcelona midfielder's situation.