The academy graduate has endured a mixed campaign at Stamford Bridge, making eight starts and eight substitute appearances in all competitions.
However, the 20-year-old has still contributed five goals and two assists, strengthening his bid for a regular role in Frank Lampard's XI.
According to the Daily Mail, Bayern are continuing to monitor the winger's situation at the Premier League giants.
Despite being rebuffed on a number of occasions, the European champions still regard Hudson-Odoi as a long-term target.
The England international has three-and-a-half years remaining on his contract.