According to transfer expert Ben Jacobs, "broad terms" are in place for Gordon to join the Bundesliga champions, though there is a "gulf in valuation" between the two clubs.
Newcastle are seeking at least £75 million for a player who has 17 goals in all competitions this term, including an impressive 10 in the Champions League.
Bayern are optimistic about agreeing a deal with the Toon this summer, given the volume of "interest", and work will then begin for Eddie Howe to find a replacement.
The Magpies are ready to approach Burnley winger Jaidon Anthony, according to SportBoom, after their relegation to the Championship was confirmed in April.
Meanwhile, it has been said that Harvey Barnes is already the 25-year-old's long-term replacement on the left flank, having displayed his class throughout this term.