The Belgian international has reportedly been looking for a new club since he has become out-of-favour under Mauricio Pochettino at Spurs.
Although strongly linked with a move to Manchester United, the defender failed to complete a deal with Jose Mourinho's side before the deadline.
Now, however, it looks as if the Bundesliga champions are looking for a replacement for Jerome Boateng, who appears on his way out of the club.
Boateng has reportedly agreed personal terms with French champions PSG.
According to the 'Daily Mail', Alderweireld would cost around £40m in Bayern were to make an offer this summer, though his price could be reduced if they wait until next year with the 29-year-old's contract running out in 2019.
If Spurs were to extend the contract by another year, it would trigger a release clause meaning Alderweireld could be bought for as little as £25m at the end of next summer.