According to Sky, head coach Vincent Kompany has been impressed by the Brazilian's performances in pre-season and remains open to keeping him involved with the first-team squad in Munich rather than sending him out on loan.
The option for Cardozo to stay on as a fringe member of Kompany's group is very much alive, and the teenager himself has made clear he would rather fight for minutes under the Belgian at Bayern than move elsewhere for the next step in his development.
Cardozo made his senior debut for Bayern in March, coming off the bench in a Bundesliga win over Borussia Monchengladbach, having progressed through the club's Global Academy pathway after arriving from Bangkok Christian College in Thailand back in 2024.
Standing just 1.65m tall but known for his directness and bravery on the ball, primarily on the right wing, Cardozo has continued to catch the eye during this summer's preparations, adding to a reputation built during a productive 2025-26 campaign in which he featured for Bayern's Under-19s and made his bow for the reserve side in the Regionalliga Bayern.
With Arijon Ibrahimovic currently first in line as back-up to Luis Diaz, Bayern Munich's staff face a decision on whether Cardozo is given a genuine pathway into matchday squads this season or sent for regular first-team football at a smaller club instead. No final call has yet been made, though the growing sense within the club is that his form has done enough to at least keep the door open to staying.
Cardozo's rise has been rapid even by the standards of Bayern's much-vaunted youth pipeline, having joined the club's Global Academy programme from a school side in Thailand before progressing through the age groups to a first-team debut inside little more than two years.
That trajectory has made him one of the most closely watched prospects to emerge from the setup in recent seasons, with Bayern reportedly determined not to rush a decision that could shape the next stage of his development.
Kompany's willingness to involve teenage talents in first-team training this pre-season, driven partly by a deliberately smaller senior squad, has given Cardozo an unusually direct route to prove his case, and those close to the situation suggest his performances have already gone some way to settling the debate in his favour.