Bayern head coach Thomas Tuchel is keen to recruit a new right-back before the January transfer window closes in Germany on February 1, and Trippier has recently emerged as a possible target.
The Bundesliga champions are understood to be pushing to sign Nordi Mukiele on loan from Paris Saint-Germain, but that move appears to have stalled and their focus has since shifted towards their pursuit of Trippier.
Sky Sports in Germany reports that Bayern have made contact with Trippier and have reached a verbal agreement with the 33-year-old for him to move to the Allianz Arena.
Bayern are also said to have approached Newcastle and have tabled an initial loan offer with an obligation to buy, aware that Trippier is keen to join the Bavarian giants.
However, Sky Sports reports that Newcastle have rebuffed the approach as they have no desire to lose their first-choice right-back.
Bayern, who remain hopeful of signing Trippier, already have two England international on their books in the form of Harry Kane and Eric Dier, the latter of whom recently joining the club from Tottenham Hotspur.
Trippier joined Newcastle from Atletico Madrid for around £12m in January 2022 and has since established himself as a key cog in Eddie Howe's machine, registering 18 assists in 81 appearances across all competitions.
The Englishman was an integral member of the Magpies squad that qualified for the Champions League last season courtesy of a fourth-place finish in the Premier League, and reach the EFL Cup final.
Trippier has since contributed with seven assists in 19 Premier League matches so far this season, but his performances have dipped over the last few months during a period when Newcastle have collectively struggled on all fronts.
Although Newcastle appear to be reluctant to part ways with Trippier this month, a transfer cannot be ruled out entirely considering the club's financial predicament.
The Magpies recently announced pre-tax losses of £73m for the financial year, and Financial Fair Play regulations are limiting the club's activity in the transfer market.
CEO Darren Eales stated earlier this month that every player at Newcastle has a price and he refused to rule out the possibility of selling star players to balance their books.
Trippier, who has 18 months remaining on his contract at St James' Park, is currently Howe's first-choice right-back ahead of Valentino Livramento, Emil Krafth and Javi Manquillo, the latter of whom is on the verge of joining Rafael Benitez's Celta Vigo.