BILD says the France World Cup winner is on the shopping list of Newcastle's incoming new owners.
However, having only signed Lucas last summer for €80m, Bayern are in no mood to sell.
Aware of the rumours, Bayern sports chief Hasan Salihamidzic insisted: “Lucas has the quality and the will to emerge strengthened from such a situation.
"His transfer was unanimously decided at the board and supervisory board level. We are convinced that he will still help our team a lot."