The Croatian has featured regularly for the German club since outdoing former Bayern forward Mario Gomez. However, the imminent signing of Robert Lewandowski from Borussia Dortmund this coming summer may see his slot usurped in the near future.
Die Roten boss Pep Guardiola prefers to deploy only a single striker upfront, which could make it difficult for two world-class strikers in the same roster.
The Bundesliga giants have stated that the 27-year-old is staying at the Allianz Arena, but Arsenal, along with Manchester United, is closely keeping an eye on any developments on the attacker's availability.
The Croatian international has tallied a total of 12 goals in all competitions this season for Bayern and remains an efficient and effective scorer, thus far.