Off contract at the end of the season, England international Guehi is set to leave as a free agent next summer, as confirmed by Palace manager Oliver Glasner.
Liverpool, which had an agreed deal blocked by Palace on deadline day, along with Real Madrid and Barcelona are interested in Guehi.
And now Bayern have made their plans clear, with meetings held this week with Guehi's camp, reports Sky Deutschland's Florian Plettenberg.
He states: "In recent days, there has been a meeting in Munich between Max Eberl and Gordon Stipic, the top agent of Marc Guéhi.
"FC Bayern are fully involved in the race, as Guéhi is set to leave Crystal Palace on a free transfer. Real Madrid and Liverpool are also in the race.
"Guéhi, alongside Nico Schlotterbeck, is currently one of Eberl‘s preferred targets, should Dayot Upamecano choose not to extend his contract or if Min-jae Kim were to be sold."