The German giants have announced that a sudden press conference will take place on Friday morning.
Wenger said earlier this week that he was coming out of his leave soon to continue his coaching.
Bayern appointed Niko Kovac as their new manager in the summer.
But a poor recent poor run of form with draws against Augsburg and Ajax and comprehensive defeats at the hands of Hertha Berlin and Borussia Monchengladbach means that action should be taken urgently.
Le Parisien reports that Kovac is set for the exit door, with Arsene Wenger or Zinedine Zidane to be announced as new manager.
The news that Bayern have called a sudden press conference for 11am on Friday has taken German media by surprise.
The press conference this morning will be led by President Uli Hoeness, chairman Karl-Heinz Rummenigge and sporting director Hasan Salihamidzic.
The last time the club called an emergency press conference was to announce Jupp Heynckes’s return as manager
Wenger stepped down as Arsenal boss in the summer.
The French newspaper claims Wenger is interested in taking over from Kovac at Bayern but the Frenchman played down speculation linking him with the job.
“It’s important that Hoeness and Rummenigge organise the transition,” Wenger told Bild earlier this week.
“I think the power should stay within ex players. People like Philipp Lahm and Oliver Kahn, it’s important that they take over. Football lives within you. You don’t learn that at university.”
Asked if the Bayern job interests him, Wenger replied, ‘That’s not a topic for me. Uli Hoeness and Karl-Heinz Rummenigge trusted Niko Kovac and they have to hold on to him.”
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