The Serbia international has emerged as one of the most sought-after talents in European football with his performances over the 2018-19 campaign.
Bayern were expected to be among those considering an approach for the player, but Goal understands the reigning Bundesliga champions are not interested in signing him.
Jovic is a player that Bayern boss Niko Kovac knows well from his time in Frankfurt, with the 21-year-old having initially arrived in Germany on a two-year loan.
A purchase option in that agreement has been taken up by Eintracht, but they are preparing to immediately cash in on their prized asset.
Links with former manager Kovac were easy to make, but the Bayern coach is not convinced that another central striker is required at the Allianz Arena.
With Robert Lewandowski as prolific as ever, the Bavarian giants are set to prioritise snapping up reinforcements in wide areas as veteran duo Arjen Robben and Franck Ribery prepare to depart.
As no approach is planned for Jovic, he now appears destined to head out of German football.
The Blues may also be left empty-handed, though, as interest is mounting in Spain.
Barcelona and Real Madrid have been heavily linked with a player that could be a long-term successor to the likes of Luis Suarez and Karim Benzema.
The Blancos are expected to head the queue as an elaborate summer spend is predicted for Zinedine Zidane.
Eintracht board member Fredi Bobic has hinted that the Santiago Bernabeu could be Jovic’s next destination.
He has told ZDF of the 21-year-old: "There is definitely a chance that Jovic signs for Real Madrid.
"I hope and wish that Luka stays here, but I am also a realist and know if a big club comes and wants Luka, we won’t have a chance."