Bayern failed with a €65m offer for the Colombia international last week, but are ready to try again, says the Mirror.
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The German giants have been encouraged knowing Diaz wants to leave Liverpool this summer.
With a deal to 2027, Diaz is upset there's been no effort from Liverpool to discuss new terms.
The winger feels he deserves a pay-rise and has left been disappointed that Liverpool haven't moved to open talks about a new arrangement.