The club has made it clear that a further loan is not an option — and that a sale will be pursued if he declines to sign.
Sky Germany reports that Ibrahimovic must now choose between committing to Bayern Munich on a new long-term deal, accepting a squad role under Vincent Kompany from the start of next season, or departing permanently this summer.
The club regard him as a genuine talent but are not prepared to continue loaning him out indefinitely without a resolution to his contract situation.
Ibrahimovic, came through Bayern's academy and has had loan spells at Frosinone and Borussia Dortmund. He is understood to have received interest from clubs in the Bundesliga, the Premier League and the Eredivisie — options that give him genuine leverage in his discussions with Bayern.
The decision he makes in the coming weeks will define whether his professional career develops at the club where he has spent most of his youth, or takes him elsewhere while he is still young enough for any move to represent opportunity rather than exit.