The German champions are understood to be monitoring the Senegal international closely, with the teenager reportedly open to leaving PSG this summer in search of more regular first-team football.
Bayern's interest adds another major European club to the growing list of teams tracking Mbaye. Recent reports have indicated that several Bundesliga sides have also expressed an interest in the highly rated forward.
Mbaye looking for more opportunities
Mbaye has developed through PSG's academy and has already made senior appearances for the French champions. Bayern themselves have seen the youngster's qualities at close range, including when he scored against Lorient earlier this year.
The 18-year-old is capable of playing on either wing and has emerged as one of PSG's promising young attacking talents. His current contract with the French club runs until 2028.
However, competition for places at PSG has made regular playing time difficult to guarantee, potentially opening the door to a move before the transfer window closes.
Bayern weighing their options
Bayern have not yet decided whether to make a formal offer for Mbaye, with the club currently assessing the player's situation and the conditions of a potential deal.
The Bundesliga giants face competition from several clubs, with reports previously linking Mbaye with other major German teams as well as Premier League interest.
For Bayern, the Senegalese winger represents an opportunity to add another young attacking player with significant long-term potential.
Mbaye's willingness to seek greater first-team involvement could prove important in determining his next destination. If Bayern decide to step up their interest, negotiations with PSG could become one of the more intriguing young-player moves of the closing stages of the transfer window.
For now, Bayern are keeping a close watch on developments, with a formal approach yet to materialise.
