David Ornstein of The Athletic reports that though Madrid are indeed interested in signing Davies, he has received a more lucrative offer from Bayern.
Bayern have sought to bring in defensive reinforcements during the winter transfer window, bringing in Eric Dier from Tottenham Hotspur. They are also on the verge of signing Sacha Boey from Galatasaray after failing to agree deals for Newcastle United's Kieran Trippier and Paris Saint-Germain's Nordi Mukiele. Madrid, meanwhile, look set to battle it out with Girona for La Liga's title this season, with usual rivals Barcelona and Atletico Madrid way off the pace.
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