The German champions have been searching for reinforcements on the left wing and identified the highly rated teenager as a potential signing during the summer transfer window.
According to Bayern insider Christian Falk, the club were willing to pay €70m (£58.3m) to bring Ngumoha to Munich. Discussions took place, with the player's brother also speaking to Bayern, although the German side were unable to establish whether Liverpool would be prepared to sell.
Falk reported that the price itself was not considered prohibitive by Bayern's decision-makers. The difficulty was the uncertainty surrounding Liverpool's position and whether a deal could be completed.
Bayern ultimately pursued a more straightforward alternative, turning their attention to Ismael Saibari. However, Ngumoha has not disappeared from their plans, with the club continuing to maintain contact with his representatives.
The 17-year-old is regarded as one of Liverpool's most exciting young prospects and has attracted considerable attention since making his breakthrough at Anfield. His potential has clearly impressed Bayern, who are understood to believe he could become an important option on the left side of their attack.
Falk said: "There were talks, his brother talked with FC Bayern, but it was a difficult situation for Bayern Munich. It was not clear if Liverpool would sell him or not.
"The price wouldn't have been extremely high. So, you see, the club's decision-makers feel he'd be a great option for Bayern Munich, which is why Ngumoha is still on Bayern's shortlist."
The journalist added that Bayern are still speaking to the player's camp and that a move could become an option next summer.
Liverpool's willingness to entertain such a substantial offer remains the central question. The club have invested in Ngumoha's development and will be aware of the potential value of retaining a player they believe can have a significant future at Anfield.
Bayern's interest, however, is a clear indication of the reputation the teenager has built beyond England. Their previous willingness to discuss a fee of €70m underlines how highly they rate him, and the continued contact suggests the possibility of another approach has not been ruled out.