The Canada international is off contract at season's end and his agent has meetings planned with Manchester United and Real Madrid next month.
However, Davies' future could lay beyond Europe, with the Saudi Pro League emerging as a potential money-spinning destination.
Sky Deutschland's Florian Plettenberg is reporting: "In recent months, especially during the summer, clubs from Saudi Arabia have shown strong interest in Alphonso Davies. They made inquiries and held discussions. Even Al-Ahli was involved. However, a transfer never materialized.
"FC Bayern are working hard on extending his contract beyond 2025 and are optimistic about finalizing it soon. Davies is set to be developed into one of the faces of the club. For now, though, Davies is sidelined with a hamstring strain."
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