Davies looks likely to leave the Allianz Arena this summer, with contract talks stalling between the player and the club.
The Canadian's current deal runs out in 18 months' time, and Real Madrid are currently front-runners to sign him this summer.
Sky Sport Germany claim that Davies is asking for a contract worth €20m(£17m)-per-season, something Bayern are unwilling to offer, so a departure is likely.
Despite this upcoming summer being the final opportunity for Bayern to cash in on the 23-year-old, it is believed they are still set to ask for a fee in the region of €50-60m (£43-51m) before allowing him to leave.
With a sale the most likely outcome, Bayern are said to already have eyes on a replacement, the equally-offensive Hernandez.
Both Davies and Hernandez have become renowned for their goalscoring and chance creation ability, pace, and willingness to join the attack with regularity.
Hernandez in particular has racked up extraordinary stats in his five years with AC Milan, contributing to 59 goals in 201 games from defence.
Bayern are hoping the player will be keen for a change after a half-decade at San Siro, but the Rossoneri are eager to extend his current contract which runs until 2026.
The Bavarians believe an offer of €60-70m (£51m-£60m) will be enough to tempt Milan into a sale, as the Serie A club are also set to receive plenty of interest for Hernandez's left-wing partner Rafael Leao.
While Hernandez is praised often for his attacking exploits, his versatility has also come to the forefront this season, as the 26-year-old was forced to play at centre-back for an extended spell during Milan's defensive
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