Coman had an impressive 2020/21 campaign for the Bavarian giants, registering eight goals and 15 assists from 39 appearances in all competitions.
He has another two years left on his contract, but talks over an extension have reached a standstill with Bayern’s hierarchy reluctant to meet his wage demands.
Bayern are willing to offer a €4 million raise on Coman’s €9m annual wages. However, he is holding out for a similar package to Leroy Sane, who earns €18m per year.
They are not actively looking to sell him but have set an asking price of €90m (£77m). The Blues are hoping to reduce the valuation by offering Hudson-Odoi in exchange.
Bayern failed with four bids for Hudson-Odoi in 2019 with a maximum offer of €41m (£35m). He does not appear in the plans of new boss Julian Nagelsmann.
Hudson-Odoi was regarded as one of the best players coming through the Blues’ youth ranks, but his progress has stalled in recent years.
Since his Achilles injury in 2019, he has struggled to secure regular game time, and he is now down the pecking order under Thomas Tuchel.
Mason Mount, Timo Werner, Kai Havertz, Christian Pulisic and Hakim Ziyech are currently preferred ahead of him for the wide attacking roles.
He played at right wing-back when Tuchel was initially appointed manager in January but barely featured in the final months of last season.
Reece James and Cesar Azpilicueta are now preferred ahead of him for the position.
The Blues are always searching for quality attacking talent. Their interest in Coman is not surprising, with Tuchel being an admirer of the Frenchman.
It is unlikely that they would meet the reported asking price. It remains to be seen whether they can negotiate a lower fee with Hudson-Odoi acting as a makeweight.
Unlike in January 2019, Bayern don’t seem to hold Hudson-Odoi in the same regard, and they could afford to keep Coman for another season at least.
Premier League rivals Liverpool have also been credited with an interest in the wide attacker, who has 32 caps for the France national side.
Stats from Transfermarkt.com