That is because the terms favoured by the German champions are not the preferred option for those on the opposite side of discussions.
In an ideal world, Atletico would like to find a buyer for Lemar in the current window.
They are open to the idea of putting a loan deal in place, but only if said agreement includes an obligation to buy.
Bayern would prefer to avoid such a clause at present, as they are merely seeking cover in the 2020-21 campaign.
They took a similar approach when landing Ivan Perisic last season - having done likewise with James Rodriguez and Philippe Coutinho - with the Croatia international now back at parent club Inter after taking in a treble triumph at the Allianz Arena.
The 24-year-old endured injury struggles towards the end of his time at the Etihad Stadium, and is now back on the treatment table after picking up a fresh knee problem.
Bayern are not expecting Sane to be out for long, with Hansi Flick having told reporters: “Leroy is out. Hopefully he will be back after the international break. He's got a capsule injury in his knee.”
While one wide option could return after the next round of Nations League fixtures, those at the Allianz Arena are eager to ensure that they are well covered when it comes to important areas of the field.
Lemar would allow them to tick that box, with the France international needing a fresh start in order to rediscover his spark.
The 24-year-old has flopped on the back of a big-money move to Atletico in 2017, with only four goals recorded through 73 appearances.
Bayern could offer him a clean slate, but they are not the only side in the running.
Goal has also learned of interest from the Premier League in Lemar, with it revealed in September that two teams from England have expressed interest in prising an out-of-sorts forward from Wanda Metropolitano.