The Dutchman will see his contract expire this summer meaning clubs outside of England have been free to approach him since January to negotiate personal terms for a free transfer, with several top European teams understood to be keen.
However, according to German news outlet Abendzeitung, Bayern have pulled out of the race to sign Wijnaldum due to his excessive wage demands.
Wijnaldum's representatives apparently travelled to Munich this year but the German club felt there was little to no chance of agreeing a deal.
Spanish giants Barcelona are now believed to be the frontrunners for the 30-year-old's signature, with manager Ronald Koeman well aware of his talents, having previously worked with him whilst in charge of the Netherlands.
Wijnaldum has made 43 appearances in all competitions for Liverpool so far this season, scoring three goals. body check tags ::