The 21-year-old is widely regarded as one of the brightest young talents in Europe and has already made 174 senior appearances for Bayern across all competitions, scoring 50 goals and providing 35 assists, before turning 22.
Musiala has been directly involved in 11 goals (seven goals, four assists) in as many games so far this season in all tournaments, and his impressive form for the Bundesliga giants has unsurprisingly caught the attention of several high-profile clubs.
The Germany international, who starred at Euro 2024 on home soil, is due to see his current contract expire in June 2026 and it has previously been reported that Bayern view the versatile attacker's contract extension as a "really important mission".
Although Bayern are determined to keep hold of Musiala, CaughtOffside claims that the Bavarian outfit now find themselves under pressure to tie him down to a new deal as soon as possible, or else there is the 'serious risk' that they will be forced to sell him for a cut-price fee next summer.
Man United to rival Europe's elite for Musiala
Musiala's contract uncertainty is said to have alerted as many as five clubs, including Man United, who could push to sign the German and make him one of the club's first marquee arrivals under incoming head coach Ruben Amorim.
An announcement of the 39-year-old's appointment as Red Devils boss is imminent, although he is set to remain at his current club Sporting Lisbon until November's international break.
Man United are one of the latest clubs to have joined the race for Musiala, who is also wanted by rivals Manchester City, with CaughtOffside stating that they currently have the strongest interest in Bayern's No.42.
The Citizens are understood to have identified Musiala as a potential replacement for star playmaker Kevin De Bruyne, who is out of contract next summer and turns 34 in June.
Premier League duo Liverpool and Chelsea, who Musiala represented at academy level, are also said to be monitoring the attacker's contract situation along with Spanish giants Real Madrid.
Musiala enjoying "mystery" surrounding Bayern future
Musiala has refused to rule out either staying at Bayern or seeking pastures new, and he recently admitted that he is enjoying the "mystery" surrounding his future.
"I think I can't say much right now," Musiala told reporters as quoted by 90min. "I think it's better to keep a bit of mystery, but I have to say I'm really happy. I hope you see too that I'm happy here. There's not much to say now."
Musiala has insisted that there is no timeframe on his contract negotiations with Bayern, but he has suggested that discussions over his future are likely to take place during the Bundesliga's winter break.
"There actually isn't a timeline," he added. "My focus was on getting fit after my injury and keeping the problems under control to be available in many games in the first half of the season. During the winter break, I can think more about it."
Musiala most recently scored a hat-trick for Vincent Kompany's Bayern in a 4-0 victory at Mainz 05 in the DFB-Pokal second round on Wednesday.