After being frustrated in their bid for Bayer Leverkusen ace Florian Wirtz, Bayern are now seeking alternatives.
And Sky Sports says Leao is under consideration by the Bundesliga champions.
The Portugal international is unsettled at Milan and could be allowed to leave with the Rossoneri needing to sell to make up the shortfall brought by their failure to qualify for European football next season.
Bayern are keen, though everything will depend on whether Leroy Sané extends his contract or is sold, with fellow winger Kingsley Coman in a similar situation.