Araújo, 24, has developed into an important player for Benfica after coming through the club's system and gaining senior experience during a loan spell with Gil Vicente.
The centre-back made 38 appearances in all competitions last season, contributing one goal and two assists as Benfica competed domestically and in Europe.
He has continued to feature prominently this campaign, registering one goal and one assist in his first 12 appearances.
According to Bild, Bayern Munich have now added Araújo to their list of potential defensive targets.
The report suggests that the Bundesliga club could consider making a move either during the January transfer window or in the summer of 2027.
Araújo's contract with Benfica runs until June 2029, meaning the Portuguese club are under no immediate pressure to sell.
The defender has also established himself at international level, having earned six senior caps for Portugal.
His development at Benfica has made him an increasingly prominent figure in the Portuguese game, and Bayern's reported interest represents another indication of the attention he is attracting outside the country.
Bayern currently sit second in the Bundesliga after four matches, with 10 points.
The club's interest in Araújo would come as part of their wider assessment of defensive options, with the Portuguese capable of playing as a central defender and providing the technical qualities required to operate in possession.
Any potential move would therefore depend on whether Bayern decide to turn their reported interest into a formal approach.
For now, Araújo remains under contract at Benfica until 2029 and continues to develop as one of the club's key defenders.