After a roaring start to the season with Juventus, Dybala, 24, has seen his once-untouchable starting spot become vulnerable.
The attacker was dropped for last week's crucial Serie A clash against Napoli.
Dybala's campaign has been hampered by injuries, but Italian media continue to question his mental strength.
Juve manager Massimiliano Allegri has increasingly employed a 4-3-3 formation which doesn't appear to suit Dybala as well as the previous 3-5-2.
The Argentinian has been repeatedly linked with moves to Barcelona and Real Madrid - but Bayern could be looking to shake things up in attack after struggling to break down Madrid in the UEFA Champions League semi-finals.
Costing Juve €40 million (A$64 million) to sign from Palermo, he would be an incredible welcoming gift for incoming Bayern manager Niko Kovac.
Dybala has 25 goals and seven assists in all competitions this season and, although omitted from the latest squad, is expected to be at the 2018 FIFA World Cup with Argentina.
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