The 21-year-old has enjoyed a productive start to the 2024-25 campaign for the Bavarian giants, scoring three goals across five Bundesliga appearances.
Musiala has been suffering with a hip injury at the start of October, meaning that he will miss Germany's two UEFA Nations League matches over the international break.
Since graduating from the Bayern academy in 2020, the attacker has made 171 competitive appearances for the German side, finding the net on 46 occasions.
Despite his tender age, Musiala already boasts a glistening trophy cabinet, including four Bundesliga titles and a Champions League triumph in 2020.
Bayern Munich enter talks over Musiala contract?
According to Sky Sports News, Bayern Munich are taking steps to secure the long-term future of 36-time international Musiala before the end of the calendar year.
The report claims that the Bavarian club have entered concrete talks with the 21-year-old and his representatives over a contract extension.
Musiala's current deal at the Allianz Arena expires during the summer of 2026, meaning that potential suitors could swoop in for a bargain next season.
With that in mind, it is understood that Bayern want to extend the forward's contract to either the summer of 2029 or 2030, committing his long-term future to the Bundesliga challengers.
It is believed that Vincent Kompany's troops are willing to provide Musiala with a salary of nearly £21m per year, which would make him the joint-highest earner at the club alongside Harry Kane.
Man City, Real Madrid still keen on Musiala?
Following his performances for club and country over the past four years, it is not a surprise to see some of Europe's biggest clubs eyeing up moves for Musiala.
Premier League champions Manchester City have been linked with a deal for the German in the past, so have Champions League winners Real Madrid.
Expected to be sidelined until the end of October, Musiala could be back in action again when Bayern Munich host Union Berlin in the Bundesliga on November 2.