According to MailOnline's Simon Jones, BVB are willing to sell him provided their £65 million price tag is met.
Chelsea and Madrid are said to have already held talks with Dortmund regarding the winger, while Bayern—who planned to pursue him next year as a long-term replacement for Arjen Robben and Franck Ribery—could bring their plans forward.
Pulisic has halted discussions of a new deal with Dortmund, according to German outlet Bild (h/t Sky in Germany, via Goal's Ronan Murphy).
The 19-year-old is already a regular for BVB and the U.S. national team, having made 97 appearances at club level and 21 internationally.
Last season, he scored five goals and assisted seven. He recently showed what he's capable of in a friendly against Liverpool, finding the net twice and playing a key role in another goal (U.S. viewers only):
Pulisic typically operates from the right flank, but he has also been used on the left and through the middle during his time in Germany.
Should Liverpool want to sign him, his relationship with manager Jurgen Klopp—who was in charge at BVB before moving to Anfield—could be key. It's clear the teenager has great respect for his former mentor:
Liverpool writer Joel Rabinowitz believes the Reds should make a move for him:
Murphy believes the price tag would make signing Pulisic a significant gamble, though:
It would be a huge fee to pay for a teenager who has yet to reach the peak of his powers, and Pulisic could be more incisive in the final third—with the money involved, he might be expected to hit double figures for goals and assists next year.
However, potential is perhaps the most valuable commodity in today's transfer market, and Pulisic has that in abundance. If he does leave Dortmund this summer, his new club would have a future star on their hands.