The 21-year-old attracted interest from Barcelona last summer after the Canaries were relegated from the Premier League, but he stayed on at Carrow Road for a year in the Championship.
Eurosport reports that Norwich will let the youngster leave this summer, and Bayern is his likeliest destination despite interest from clubs in England.
Aarons is open to moving abroad to further his career, and the German champions are looking for someone to come in and provide competition for first choice right-back Benjamin Pavard.
Norwich are likely to demand at least £40 million for the England Under-21 international’s signature.
Transfer expert Fabrizio Romano reports that Everton are also in the race to sign him, as Aarons’ name was put on a shortlist of Carlo Ancelotti’s targets in his search for a new right-back.
He adds that Bayern have opened talks with the player already, while United have scouted him and can’t be ruled out.
Norwich look set to return to the top flight at the first time of asking, as they are currently 10 points clear at the top of the Championship table.
Aarons has made 32 league appearances for the Canaries this season, scoring one goal and providing three assists.
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