The Bavarians pursued Hudson-Odoi doggedly in 2019, having offers of up to £35m (€39m) rejected.
Chelsea then convinced the 19-year-old to sign a five-year contract and he entered Frank Lampard’s plans.
Last season, Hudson-Odoi started only nine time in the Premier League and Champions League, raising fresh questions about his future.
According to Sky Sport in Germany, three clubs are showing an interest in the England international.
One of them is Bayern who have initiated new contacts with the player and his camp.
However, they would only be willing to sign Hudson-Odoi on loan with the option to buy next year.
Sky Sport notes that no official talks have taken place between Bayern and Chelsea yet.
Juventus & Leipzig like CHO
Bayern’s local rivals RB Leipzig have also asked about Hudson-Odoi, but he is too expensive for them.
Leipzig could not even finance a loan deal because of the winger’s €8.5m-per-season salary.
The other club with eyes on Hudson-Odoi are Italian champions Juventus, who are looking at young players to replenish their squad.
Hudson-Odoi was on the bench for Chelsea’s season opener against Brighton on Monday night.