Hours after the report surfaced, Bild's Christian Falk revealed that Bayern CEO Karl-Heinz Rummenigge confirmed a season-long loan deal was in place, featuring a club option to buy.
A short-term move to the Bundesliga holders would represent a sharp turn from reports linking Coutinho with a blockbuster switch to Paris Saint-Germain as part of a package for Neymar that was said to include Blaugrana mate Ivan Rakitic.
PSG reportedly rejected Barcelona's initial offer of €60 million plus the Brazilian in July and have no interest in Rakitic. Meanwhile, Barcelona continue to seek cost-saving means of acquiring Neymar after Ernesto Valverde's side splashed €230 million on the likes of Antoine Griezmann and Frenkie de Jong earlier in the summer window.
The Guardian's Fabrizio Romano added that Coutinho refused to be part of a swap for his international teammate Neymar.
Coutinho's potential move to the Allianz Arena would mark the second significant addition in attacking areas for Bayern this week. Croatian winger Ivan Perisic joined the club from Inter on a season-long loan as an alternative to Manchester City's Leroy Sane, who tore his ACL in the Community Shield.