According to MailOnline's Simon Jones, the American is Bayern's top target, but his great showing in the 3-1 win over Liverpool has also attracted the attention from Real. The interest of those two could jeopardise Chelsea's chances of landing him, per the report.
The report even mentions Barcelona as possible suitors, although their primary focus is on Chelsea's Willian. They're also going to assess Ousmane Dembele before a possible play for Pulisic.
The 19-year-old from Hershey, Pennsylvania, is one of the most coveted teenagers in football today and regarded as a star of the future. He's played most of his minutes for BVB as a winger but can also slide inside and work as a secondary striker or attacking midfielder.
Liverpool have previously been linked with the speedster, per the report, and their fans caught a glimpse of why in the 3-1 loss in which he scored twice:
There hasn't been too much speculation surrounding him this summer, but a great showing in the friendly was always going to fire up the rumour mill.
Bayern has long seemed the most likely destination, as the Bundesliga giants are in sore need of rejuvenating on the wing. Arjen Robben and Franck Ribery have both lost a step, and the Bavarians are likely to invest in the position at some point in the near future.
BVB would rather not sell to a direct rival, however, and have a healthy relationship with Real, who sent Achraf Hakimi on a loan deal to the Signal Iduna Park earlier this summer. As an American, it's hard to overstate how valuable his economic impact could be for a club like Los Blancos, on top of his sporting abilities.
For now, Pulisic seems perfectly happy at Dortmund, who have done a great job developing the youngster and will continue to provide him with ample opportunities. He'll likely make the step up soon enough, but this summer seems too soon.
Team-mate Marco Reus told ESPN (h/t NBC Sport's Joe Prince-Wright) Pulisic shouldn't be thinking of a transfer right now, urging him to stay at the Signal Iduna Park for "many, many more years."