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The Daily Record are reporting the story, which would be quite the rise for the Scotsman, who made 30 appearances in all competitions for the Edinburgh club last season.
Hearts are reportedly asking for a fee in excess of £1.5m with Celtic also reportedly interested in the talented youngster.
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As Hickey had a stint at Celtic's academy, the Scottish Premiership champions would apparently be due around 25 per cent of any future transfer fee.
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Bologna were believed to be particularly interested in the teenage full-back earlier this month, with the Italian side prepared to meet his reported price tag, but it appears Bayern have beaten them to the chase.
AC Milan and Aston Villa were also said to be monitoring the defender's situation.
The Scotland Under-17 international broke into the Hearts first team during the 2019/20 campaign.
If he realises his potential he will be the latest Scottish left-back to make waves on the big stage after Liverpool’s Andy Robertson and Arsenal’s Kieran Tierney.
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