The Chelsea academy product was integrated into the first-team squad last season after experiencing a successful loan spell spell with Brighton & Hove Albion in 2022-23.
Colwill started 19 of Chelsea's first 21 league matches of the 2023-24 campaign, before injuries and selection decisions restricted him to just two top-flight starts in the remainder of the season.
There has been a suggestion that Colwill could be sold despite being under contract until the summer of 2029 with an option to extend by a further year.
Chelsea's ongoing concerns over staying within the Premier League's Profit and Suitability rules have led to speculation that some of their academy products could be sold to improve their position.
Colwill opens door to Bayern move
A recent report appeared to quash the rumours surrounding Colwill's future, revealing that the club's hierarchy were unwilling to part ways with the 21-year-old this summer.
Nevertheless, the left-footed defender continues to be linked with a move away from Stamford Bridge amid interest from Bayern.
According to journalist Florian Plettenburg, Colwill is open to the prospect of joining the German giants should the opportunity arise this summer.
The update claims Bayern have enquired about Colwill's availability, but are reluctant to step up their pursuit due to the player's valuation.
Chelsea's position remains unchanged as they continue to insist that Colwill is not for sale despite the apparent interest.
Could Colwill still leave this summer?
As it stands, Colwill will stay at Stamford Bridge and look to force his way into the plans of newly-appointed Chelsea boss Enzo Maresca.
However, it remains to be seen whether Chelsea's stance could change if they receive an enticing offer during the course of the transfer window.
Liverpool are also believed to be among Colwill's admirers and have contacted the Blues about a potential transfer.
However, Chelsea are unlikely to sell the centre-back to another Premier League club, making Bayern the most likely option if they decide to entertain a sale.