Vincent Kompany’s side were heavily linked with a move for the giant German forward early in the summer but were unable to agree a fee with Stuttgart.
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Several reports had suggested that Bayern’s bid was worth €55 million for Woltemade, 23, with his former club asking for a fee of €75m.
Newcastle ultimately ended up paying a reported fee of €90m including add-ons, something that Bayern’s honorary president Hoeness appears to disagree with.
Speaking to SPORT1-Doppelpass, Hoeness said: "He (Woltemade) isn’t worth the 90 million. That only happened because of the money flowing from Saudi Arabia."
Bayern ended up signing Nicolas Jackson on an initial loan from Chelsea as they continue their search for Harry Kane’s eventual successor.