The France international defender will be one of the hottest properties in the transfer market at the end of the season, when his €45 million release clause becomes active.
Upamecano is widely regarded as one of the most talented young defenders in European football and has been followed by several top English clubs.
But Bayern, who are set to lose defender David Alaba on a free transfer at the end of the season, will be among the contenders vying for his signature.
“We will of course deal with it, not only with this player, but in principle with all the positions where we want and need to do something,” said Bayern CEO Karl-Heinz Rummenigge (via the Mirror).
Asked if an agreement had been struck, he said: “It's too early for something like that, he's still a Leipzig player at least until the end of the season. But it's common knowledge that he has a clause in his contract."
Upamecano and Leipzig won’t rush into a decision on the youngster’s next move, according to Goal.
The defender wants to play regular Champions League football and become a leader at his new team after making close to 100 Bundesliga appearances over the last four years at Leipzig.
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