Bayern Munich sports director Max Eberl says the club has made their final offer to Canada left back Alphonso Davies to extend his contract amid reported interest from Real Madrid.
"I can say we made Alphonso a very concrete, appreciative offer," Eberl told the Sport Bild magazine on Wednesday. "At some point in life you have to say yes or no."
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Davies' contract with Bayern expires at the end of next season, meaning the club could lose the 23-year-old player in 2025 without receiving a fee if he decides not to extend.
Spanish media reports suggest Davies has already reached an agreement with Real Madrid about a move, but Eberl said the LaLiga leaders have not been in touch. Bayern could still command a transfer fee if Davies were to leave the club at the end of this season.
"No club wants to lose players for free," Eberl said at his own presentation last month.
Sources have told ESPN that while Madrid remain keen on Davies, they are unwilling to pay more than €40 million ($43.5m) to sign him this summer and are prepared to wait another year to acquire his services on a free transfer.
Davies' desire is to join Madrid, sources added.
Davies, who has 15 goals in 45 games for Canada, has made 127 Bundesliga appearances for Bayern.
A naturalised Canadian born in Ghana, Davies joined Bayern in January 2019 after the club agreed a transfer worth up to $22 million with the Vancouver Whitecaps the year before for the then-17-year-old. It was a record for a Major League Soccer player at the time.
Bayern also confirmed on Wednesday that captain Manuel Neuer would return to the club and miss Germany's upcoming friendlies with France and the Netherlands after suffering an abductor strain in training with the national team.
Meanwhile, the club said that right-back Sacha Boey is set to miss "the next few weeks" with a hamstring tear shortly after he recovered from a similar injury.
Information from ESPN's Rodrigo Faez and The Associated Press contributed to this report.