But Bayern have remained defiant in the face of speculation. Club president Herbert Hainer said: "He’s with us under contract until June 2025, he’s one of the best full-backs in the world. Of course we want to keep Davies and I hope he wants to stay also."
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DID YOU KNOW?
Davies has been a key player for the Bavarians this year, starting 10 of 11 Bundesliga games and providing three assists for Thomas Tuchel's side. Madrid are also targeting another full-back next summer, reportedly holding an interest in Chelsea captain Reece James as a long-term successor to Dani Carvajal.
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WHAT NEXT FOR DAVIES
The left-back is under contract until 2025, but a move can't be ruled out before then. Either way, he seems poised to be a regular for Tuchel and Bayern.