The 28-year-old winger has spent the last nine years with the German giants, initially joining on a two-year loan deal from Juventus before making his move to the Allianz Arena permanent in 2017.
Coman has contributed with 64 goals and 66 assists in 296 appearances for Bayern across all competitions and has won a total of 19 trophies, including eight Bundesliga titles.
The France international struggled with injuries during the second half of last season, but he was handed starts in 21 of his 27 outings under former boss Thomas Tuchel.
Vincent Kompany has since taken the reins in Bavaria and has made three first-team signings so far this summer, including the £50m addition of winger Michael Olise from Crystal Palace.
Coman wants to leave Bayern this summer
Coman still has three year remaining on his contract at the Allianz Arena, but is it thought that regular first-team football may not be guaranteed under Kompany this season, with Olise, Jamal Musiala, Serge Gnabry, Leroy Sane and Mathys Tel also competing for starts out wide.
According to L'Equipe, Coman is now ready for a new challenge in the prime years of his career and the winger is expected to leave Bayern Munich before the end of the summer transfer window.
The report adds that his decision was confirmed to Bayern in 'recent days' but his next destination remains unknown, with several English clubs said to be interested in his services.
German news outlet Bild claims that Coman has a lucrative offer from Saudi Arabia on the table, but staying in Europe is thought to be his priority.
Coman attracted by Premier League move
Arsenal has been credited with an interest in Coman this month, with head coach Mikel Arteta believed to be exploring the possibility of bolstering his squad with a new winger.
The likes of Manchester United, Manchester City and Liverpool have all previously been linked with the Frenchman, as have La Liga giants Barcelona.
At the end of last year, Coman refused to rule out a future move to the Premier League, saying: "I would say it is in the back of my head. What I love about football is the intensity of the game, the challenge.
"The Premier League is one of the leagues, if not the league, with the most challenges and intensity. It is definitely a league I would like to play in one day but you don't know what could happen in football."
Coman, who scored as a substitute in Bayern's 4-0 win over Ulm in the first round of the DFB-Pokal, also made a cameo substitute appearance in last weekend's 3-2 victory against Wolfsburg in their opening match of the new Bundesliga season.