Widely regarded as one of the brightest young talents in Europe, Musiala has already established himself as a key player at club level with Bayern and at international level with Germany at the age of just 21.
The versatile attacker was a standout performer for Germany at Euro 2024 and the 36-cap international was one of six players to win the Golden Boot award after scoring three goals.
For Bayern, Musiala has made a total of 166 senior appearances across all competitions, scoring 44 goals and registering 31 assists, with his latest goal scored on the opening weekend of the new Bundesliga season in a 3-2 win at Wolfsburg.
Musiala is regarded as an integral member of Vincent Kompany's Bayern squad, but speculation over his long-term future is rife, with the attacker having less than two years remaining on his contract in Bavaria.
Musiala contract renewal "absolutely crucial" for Bayern
According to Italian journalist Romano, Bayern view Musiala's contract extension as a "really important mission" and it is "absolutely crucial" for the German giants that he stays at the Allianz Arena, as they consider him as one of the faces of the future for the club's project going forward.
Bayern are said to have already presented Musiala with a contract offer and are ready to offer the highly-rated youngster "really important money" in an attempt to fend off interest from elsewhere.
However, if Musiala decides against extending his deal and seeking pastures new, Romano claims that a host of top clubs in Europe will be ready to join the battle for his coveted signature.
Speaking on his YouTube channel, Romano said: "I can guarantee to you that all the top clubs, including Real Madrid, including Manchester City, including more clubs in England - they all love Jamal Musiala. And in case he can't agree a deal with Bayern, they will be there, for sure".
Musiala, who has also been linked with Liverpool and Barcelona, recently addressed his future at Bayern, revealing that he is "very happy" at the club but also admitting that "things can always change quickly in the world of football".
Bayern "want to do everything" to keep Musiala
Bayern president Herbert Hainer has since reacted to those comments from Musiala and has insisted that the club will "try everything" to keep the attacker for "as long as possible".
Asked whether Musiala's comments portrayed a lack of commitment to Bayern, Hainer told reporters: "No, I do not interpret it that way at all, because it is legitimate and exactly as Jamal says. Who would have thought five years ago that Saudi Arabia would suddenly emerge as a player and spend an incredible amount of money and bring in players?
"For me, what he says about FC Bayern is much more important. That he values the club enormously and is focused on the next goals and wants to win titles."
Hainer added: "I have a lot of respect for Jamal. When you see how he has developed, it's incredible. Many people say that he will one day be the best player in the world. We want to do everything we can to keep him at FC Bayern for the long term.
"In my opinion, he could easily become the next Thomas Muller and play here for the next 20 years. I am very optimistic that we will see him at Bayern for a long time to come."
Musiala, who scored one and provided three assists in Germany's 5-0 UEFA Nations League win over Hungary during the international break, is set to feature for Bayern in Saturday's Bundesliga clash against newly-promoted Holstein Kiel.