The Canada international's contract at Allianz Arena is due to expire next June, and there is currently a host of speculation surrounding his future, as a new deal with Bayern looks unlikely at this stage.
Real Madrid are believed to have made an attempt to sign Davies during the recent transfer market and are regarded as the favourites to sign the left-back on a free transfer in 2025.
Manchester United, meanwhile, are also being linked with Davies, with the Red Devils expected to bring in a replacement for Luke Shaw next summer due to the Englishman's ongoing injury problems.
However, according to SPORT, Barcelona are also in the argument, with the Catalan outfit's sporting director Deco working to complete a deal for the defender.
Barcelona 'working to sign Davies from Bayern'
The report claims that Barcelona have been encouraged by the fact that Davies did not move to Real Madrid last summer, and the club are confident that they can convince him to reject a switch to Bernabeu.
As it stands, the 23-year-old will be free to enter into discussions over a pre-contract in January, and it is understood that he would be looking for a signing bonus in the region of €10m (£8.3m).
The left-back will also allegedly demand to become one of the highest earners at his next club, with Real Madrid and Man United both believed to be prepared to hand him a large salary.
Davies has found it difficult to show his best form in the early stages of this season, but he has managed eight appearances in all competitions, contributing one assist in the process.
What has Davies said about his future?
"I'm fully focused on Bayern," the defender told BILD last month. "Regardless of whether I stay or leave the club, I will always carry this club in my heart. New deal? Good question. You should ask my agent about it."
Davies made the move to Bayern from Vancouver Whitecaps in January 2019, and he has represented the German club on 203 occasions in all competitions, scoring 11 goals and registering 32 assists in the process.
The defender, who is valued at £41.6m by transfermarkt, is also a 55-time Canada international, and he captained his country to a 2-1 success over Panama on Wednesday.