The Bavarians are now preparing to negotiate with Stuttgart, who are reluctant to let their talisman go.
According to Sky Germany, Woltemade has agreed to a five-year contract with Bayern, set to run until 2030, with a base salary of 7.5 million euros annually.
Performance-related bonuses could push his earnings to 10 million euros per year, a significant leap from the 2.5 million euros per year Stuttgart offered to extend his contract, which runs until 2028.
"Nick Woltemade has developed well at VfB, and we as Germany fans are happy he's playing at the U21 and scoring many goals," Bayern president Herbert Hainer said, acknowledging the player's potential while remaining cautious about the transfer's completion. "Whether he'll ever play for Bayern is written in the stars."
Woltemade's stock has soared after a standout 2024/25 season, where he scored 17 goals and provided three assists across all competitions, including a crucial strike in Stuttgart's DFB Cup final win against Arminia Bielefeld. His six goals at the UEFA European Under-21 Championship, where Germany face England in the final, have further boosted his profile.
Stuttgart, however, are standing firm. "We are firmly planning with Nick and want to benefit from his sporting qualities next year as well. There is no alternative plan," sporting director Fabian Wohlgemuth said, emphasizing their intent to keep the striker.
The Swabians have reportedly set a 60 million euro price tag, with some internal discussions suggesting they could demand up to 80 million euros given his form and interest from clubs like Real Madrid, Atletico Madrid, and Chelsea.
Bayern's pursuit intensified after a video call involving Woltemade, sporting director Max Eberl, head coach Vincent Kompany, and sporting director Christoph Freund, which convinced the player to join the Bundesliga giants.
Stuttgart's strong negotiating position, bolstered by Woltemade's contract until 2028, means Bayern face a challenging road ahead. The Swabians' chairman, Alexander Wehrle, reiterated their stance: "We are going into the new season with Nick. Period."
For Bayern, Woltemade represents a versatile forward who can back up Harry Kane and potentially replace Thomas Muller, whose contract has not been renewed. With the player keen on Champions League football, the transfer saga promises to be a focal point of the summer window.
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