Reports in Brazil earlier this week claimed that the German club had a deal in place worth approximately £40m for the winger, who has hugely impressed during his time at Elland Road
The 25-year-old has burst onto the international scene this year, earning his first caps and scoring his first goals for Brazil, and is one of Leeds' most prized assets.
He has scored 44 per cent of the Whites' Premier League goals this season - eight of 18 - with that goal ratio only bettered by Norwich City's Teemu Pukki who has scored 63 per cent of their goals.
Raphinha has been linked with a move from Elland Road in recent months but he is under contract until the summer of 2024.
TNT Sports Brasil reported that a transfer to Munich was being lined up for next month but a switch midway through the season would not stand to benefit Leeds as they aim to put distance between themselves and the Premier League's bottom three.
Leeds signed Raphinha for £17m from Rennes in October 2020 while German publication BILD have reported that a January move for Raphinha is unlikely. They also claimed that a bid for the winger would only materialise if Bayern were to let go of one their current wide players.
The YEP have also reported that talks are ongoing over an improved deal for Raphinha, whose agent - former Portugal international and Barcelona midfielder Deco - attended the defeat to Arsenal on December 18.
Meanwhile, United's next scheduled opponents Aston Villa have suffered a new major blow after manager Steven Gerrard tested positive for Covid-19 and is now isolating.
The fixture remains in doubt after a Covid-19 outbreak forced Leeds to postpone their Boxing Day clash with Liverpool. A decision on Tuesday's fixture has yet to be made.