Bild reported Die Roten are preparing for life in case Lewandowski leaves their ranks, and Juventus star Dybala appears to fit the criteria for what would be a club-record deal (h/t Robert Summerscales of MailOnline).
But the 24-year-old is a valued piece of the Bianconeri setup and holds major potential at his age, not to mention the fact he's likely to have other suitors who might be willing to pay more.
Rumours regarding a Lewandowski move have only escalated after Bayern were ejected from the UEFA Champions League semi-finals by Real Madrid on Tuesday. Manager Jupp Heynckes was calm when asked about his striker's future despite that defeat, per DW Sports:
The temptation for Dybala in moving to the Allianz Arena is that he could become the main focal point of an elite European attack, whereas he has largely played second fiddle to Gonzalo Higuain at the Old Lady.
That's not to say the Argentina international hasn't had his share of highlights in Turin this term, however, scoring 21 goals in 23 Serie A starts and winning the club's Player of the Month award for March:
Links between Bayern's incumbent frontman and Real have intensified in recent months, and it's suggested Lewandowski is "keen on securing a transfer away" after appointing Pini Zahavi as his agent.
But Bayern chief executive Karl-Heinz Rummenigge is another of those who has recently shot down talk of a move for the Pole this summer, per Goal's Ronan Murphy:
The Bundesliga champions will begin a new chapter under incoming manager Niko Kovac this summer, and there's a chance he may not fancy replacing the 6'2" centre-forward superstar with Dybala, who is under 5'10".
On top of the contrast in striker styles, there's also the matter of Dybala's inexperience compared to Lewandowski, who has shown himself to consistently feature among the world's best attackers, illustrated by The Independent:
Much of Dybala's success in Turin has come as a supporting striker, picking up the pieces behind the leading frontman and displaying particular skill in scoring from outside the box at times.
His acquisition would signal a step in the new direction for the Bayern attack, but their need to replace Lewandowski with a similarly talented individual could lead them to Juve's doorstep.