The 27-year-old had been widely expected to join Tottenham Hotspur earlier this summer, but a proposed switch to the Tottenham Hotspur Stadium broke down.
According to the Daily Mail, Bayern have now emerged as the favourites for the Spain international, holding discussions with him over a switch to Munich.
The report claims that Brentford are asking for £40m for the stopper despite the fact that his contract is due to expire next June.
Raya has been with the Bees since 2019, making 161 appearances for the club in all competitions, including 39 outings during the 2022-23 campaign.
Fulham, meanwhile, are now said to be willing to accept an offer from Al-Hilal from Aleksandar Mitrovic.
There is currently widespread speculation surrounding the Serbia international, who has allegedly been the subject of two failed offers from Al-Hilal during the summer market.
According to Football Insider, Fulham are now 'resigned' to losing Mitrovic during the current window and are preparing to accept an offer in excess of £50m.
The 28-year-old was in strong form for the Cottagers during the 2022-23 campaign, scoring 14 Premier League goals in 24 appearances.
Mitrovic has now scored 111 goals in 205 appearances for Fulham in all competitions, but he is widely expected to be on the move during the summer market.
Meanwhile, according to the Yorkshire Evening Post, Leeds United are closing in on a deal for Newcastle United goalkeeper Karl Darlow.
The 32-year-old has been with the Magpies since 2014, making 100 appearances for the club, although he only made one outing for the club last term, moving to Hull City on loan in January.
The goalkeeper has another two years left to run on his contract at St James' Park, but he is widely expected to be on the move during the summer market.
Journalist Graham Smyth claims that discussions over a permanent deal are at an advanced stage, with Leeds set to beat the likes of Hull and Middlesbrough to his signature.
Meanwhile, according to Italian journalist Fabrizio Romano, Henry Lawrence is set to make the move to Belgium after leaving Chelsea.
The 21-year-old, who spent last season on loan at MK Dons in the third tier of English football, departed the Blues when his contract expired at the end of June.
Romano claims that Lawrence is now preparing to make the move to Belgium to join Standard Liege, who have beaten a number of clubs to his signature.
The right-back has been capped at Under-19 and Under-20 level by England, while he has also previously spent time on loan at AFC Wimbledon.