The club (of course) haven't confirmed any sort of bid, but the player himself has been talking:
“My contract with Bayern runs until 2015 but it is very important that I play first-team football to keep getting called up for Brazil.
“I am in a very delicate situation at Bayern and this needs sorting out. I have personal and professional reasons to move. I have heard about the Arsenal interest. It’s a big club we’re talking about here so of course I’d like to play for them.
“Arsenal play a very attractive brand of football and are in the Champions League. They also have a very clever manager in Arsène Wenger. Even when Bayern beat them in the last Champions League you could see they are not pushovers.”
Karl Heinz Rummenigge claims that Bayern have had offers from every country under the sun, and the player wants out, so he's bound to say nice things to the press when quizzed isn't he?
So is this story totally fabricated by the media or is there any truth in it? - we have no way of knowing, but my guess is that it's all bollocks.