The Bavarians have reportedly tabled a €52 million bid for the Colombian, but the English club remains firm in its stance that Diaz is not for sale.
Only an offer exceeding £80 million is likely to change their position to sell their key forward.
Bayern move for Trossard
Bayern are actively searching for a new winger, and according to Bild, via Sportal, Trossard has emerged as a serious contender.
Arsenal acquired Trossard from Brighton in January 2023. However, the 30-year-old Belgian has not been a guaranteed starter under Mikel Arteta.
With the Gunners' attack expected to undergo further changes this summer, Trossard may be seeking opportunities elsewhere.
Reports recently surfaced suggesting he has agreed in principle to a move to Turkish giants Fenerbahce.
Earlier this month, the Belgian also switched agents and is now represented by German Dirk Hebel, a move which could facilitate a potential transfer to Bayern.