The former Tottenham Hotspur defender only has a little over 18 months left on his contract at St James' Park and has been strongly linked with a move away from the North East in recent weeks.
Bayern — whose desire to sign new defenders is no secret — are believed to have identified Trippier as their number one right-back acquisition, but Newcastle will not lose him on the cheap.
According to BBC Sport, the Magpies have turned down a €15m (£12.8m) offer from their German counterparts for the 33-year-old, and it remains to be seen if Bayern will return with a revised offer.
Should an agreement be reached for Trippier to join Bayern, he would reunite with ex-Tottenham teammates Harry Kane and Eric Dier — who joined the Bundesliga champions earlier this month — in Bavaria.
Trippier has scored three goals and set up 18 more in 81 games for Newcastle since joining from Atletico Madrid in January 2022, but he has come under criticism for his displays over the winter period.
Trippier's potential departure would allow Newcastle a bit of wriggle room when it comes to Financial Fair Play, which is currently restricting their ability to bring new faces into St James' Park this month.
Midfield has been identified as a priority area for Eddie Howe and co to strengthen, and Atalanta BC's Brazilian lynchpin Ederson is thought to be a name on the Magpies radar.
However, Football Insider states that Newcastle are simply unable to afford the 24-year-old's services this month, as Atalanta are after at least £30m and potentially as much as £40m to let him leave.
Ederson only arrived at the Gewiss Stadium from Salernitana last summer
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