Despite not sitting top of the table, the Bundesliga champions have enjoyed a strong start to the campaign, collecting 32 points from 12 matches.
Furthermore, Thomas Tuchel's side have conceded just nine times - a division best - while they have won each of their four matches in the Champions League.
However, Bayern do not necessarily possess the greatest strength in depth when it comes to their backline, even having added Kim Min-jae to their ranks in the summer.
Although Dayot Upamecano and Matthijs de Ligt are in the squad, Tuchel is lacking a recognised fourth member to provide further competition to that aforementioned trio.
Those options were reduced at the back end of the summer transfer window as Benjamin Pavard departed for Inter Milan, the Frenchman having also been able to play at right-back.
Nevertheless, according to Sky Deutschland reporter Florian Plettenberg, Bayern are toying with the idea of trying to secure a like-for-like alternative in Araujo.
Since initially moving to Camp Nou in 2018 and representing Barcelona 'B', Araujo has now developed into a key man at the Catalan giants, his versatility helping his cause.
Araujo has made a total of 124 appearances in all competition, the Uruguay international contributed eight goals and three assists and also making 22 outings in last season's La Liga title-winning campaign.
A further eight appearances have been made in the Spanish top flight in 2023-24, split evenly between right-back and centre-back, but his attributes are seemingly attracting the attention of Bayern.
Plettenberg says that the German outfit have bene monitoring his development for two years, and are conscious that his contract is due to expire in 2026.
That said, it is claimed that Barcelona are determined to push for a contract renewal for the 24-year-old, who has frequently been linked with a wide array of top European clubs.
Much may depend on Barcelona's financial situation and Araujo's level of interest with the club in a position where they need to generate funds next summer in order to comply with La Liga's regulations.