Bayern Munich have made their first formal move to sign Stuttgart striker Nick Woltemade with an opening bid, according to Sky Germany.

Bayern’s opening bid is reported to be a guaranteed €40 million to be paid in four installments plus €5 million in bonuses.

Stuttgart immediately rejected the offer, deeming it well below their valuation of the player, with the Bundesliga setting their asking price at around €80 million to reflect Woltemade’s importance after a standout season.

The 23-year-old scored 17 times in 33 games across all competitions last season and helped Stuttgart to a DFB Pokal title.

Woltemade also starred during the Under-21 European Championships with six goals and three assists, although Germany were beaten in the final by England.

The gap between Bayern’s offer and Stuttgart’s demands at the moment is significant, suggesting that negotiations may continue for some time.

Bayern are expected to increase their offer, although it remains to be seen how high the Bundesliga champions are willing to go.

Woltemade is under contract with Stuttgart for three more years and does not have a release clause, giving the club leverage in negotiations.

The striker has reportedly turned down offers from other interested clubs, making it clear his preference is a move to Bayern Munich.

Bayern have a verbal agreement with Woltemade, who has already agreed personal terms for a five-year contract.

A player-plus-cash deal could aid Bayern’s pursuit of Woltemade going forward, but Stuttgart are not entertaining that idea at the moment despite their reported interest in Paul Wanner.