Chelsea were linked with Bontempo last week, with BlueCo said to have added the midfielder to their list of monitored prospects as part of a now-familiar strategy of signing promising South American talent before loaning them to Strasbourg for development. At that stage, there was no indication an offer had been made.
According to a fresh report from Brazilian outlet RTI Esporte, Bayern Munich have since moved further down the road, signalling an offer worth €32m (£27.7m) for Bontempo as they look to secure one of Santos' brightest academy graduates. That figure is understood to sit well below Santos' valuation, with the Brazilian club said to be demanding €49m (£42.4m) before formal negotiations begin.
The gap leaves room for further discussions, and Bayern are reported to be studying ways to bridge the difference while talks continue.
Santos are also said to recognise that their financial situation could become a factor in any deal. While reluctant to lose a prized academy product, the club are looking to strengthen their finances and would consider a sale if an acceptable offer arrives.
Bontempo remains under contract until December 2028 and carries a €100m (£86.5m) release clause, though it is considered highly unlikely any club would trigger that figure in full. Chelsea's reported plan of developing him through Strasbourg before a possible move to Stamford Bridge remains only an idea at this stage, in contrast to Bayern's more direct approach.
The midfielder has enjoyed a breakthrough campaign, recording four goals and three assists in 27 appearances this season, form that has attracted growing attention from clubs across Europe. Should Bayern's move prove accurate, Chelsea could find themselves entering the race for Bontempo too late.
Bontempo has emerged as one of the standout products of Santos' academy system, viewed internally as a key figure for the next generation at the club.
Versatile enough to operate centrally, in wider attacking positions or slightly deeper in midfield, his passing range and composure in possession have made him a target for clubs beyond Chelsea and Bayern, adding to the sense that Santos may soon face a decision on his future.