Neuer, 40, has not yet made a decision on his future.
Should he retire, Bayern's plan is to promote Jonas Urbig, 22, to the number one role and recruit an experienced backup to support him — a profile the Hamburger SV shot-stopper fits precisely.
Heuer Fernandes, 33, is a German-Portuguese dual national who came through the academies of VfL Bochum and Borussia Dortmund before working his way up through the German football pyramid to Hamburg, where he has become the undisputed first choice and played a central role in the club's return to the Bundesliga last season.
He has made 187 official appearances for the club and represented Portugal at under-21 level.
His contract situation adds urgency for Bayern. The deal runs until June 2026 with an automatic one-year extension to 2027 if Hamburg avoid relegation — a condition that looks increasingly likely to be met with seven games remaining.
However, Hamburg have not yet agreed terms on a longer deal and salary negotiations have stalled, creating an opening that Bayern are alert to.
The goalkeeper has expressed a desire to remain in Hamburg but has acknowledged that framework conditions — salary and contract length — remain unresolved. If those talks continue to drag, Bayern's interest could become a concrete offer.