The German side are on the lookout for a new midfielder with reports in Spain claiming they have already dispatched scouts to watch the 23-year-old in action at the Mestalla.
Bayern’s interest will come as a blow to Toffee’s boss David Moyes as he continues to hunt a replacement for Mikel Arteta who left Goodison Park to join Arsenal on deadline day.
It could be the second time he misses out on the Argentinian after coming close to signing him on a season-long loan back in 2009 only for the switch to collapse due to complications over his work permit.
Finances are tight on Merseyside with chairman Bill Kenwright limiting Moyes to scouring the loan and free transfer market during the summer and they may not have to money to afford Banega on a permanent deal.
The talented playmaker has made only four appearances in La Liga this season and is keen to move away in search of guaranteed first team football as he tries to force himself back into the plans of national team boss Alejandro Sabella.