Dembele remains the fourth most expensive player of all time after joining Barcelona from Borussia Dortmund in a deal worth up to €145m including add-ons two summers ago, but the 22-year-old has battled injuries and struggled for consistency during his time at Camp Nou.
It might have understandably led the 2018 World Cup winner to consider a new challenge, but that doesn't appear to be the case after alleged interest from Liverpool and Bayern has been met with a preference to stay put.
A report from L'Equipe claims that Liverpool have 'initiated contact' over a possible deal for Dembele, while Bayern are also said to have opened talks. However, it is equally said that the player wishes to stay at Barcelona and is not looking to leave.
It follows on from gossip that emerged last week explaining that Barcelona will not sell Dembele unless a club triggers the buyout clause in the player's contract. That figure is thought to be an enormous €400m (£360m) and will therefore put off any potential suitor.
Despite already possessing Mohamed Salah, Sadio Mane and Roberto Firmino, Liverpool could seek attacking reinforcements this summer to strengthen in light of Daniel Sturridge's departure and the uncertainty over Divock Origi. Fringe striker Dominic Solanke also left in January.
If Liverpool don't enter the transfer market, one player expected to benefit is homegrown youngster Rhian Brewster, who returned to action from a 15-month injury layoff in April.
Bayern, meanwhile, have lost veteran wingers Franck Ribery and Arjen Robben this summer after 22 years of combined service to the club and are expected to sign high-profile replacements.