The 19-year-old Juventus starlet was linked to both clubs at the start of the summer, but he has joined Bayern Munich instead.
"I’m looking forward to Munich and playing for FC Bayern," Coman said.
"I want to take the next step in my career here and play my part in two successful years for FC Bayern."
Manchester United have reportedly lodged a £36million bid for Monaco striker Anthony Martial.
Louis van Gaal is desperate to beef up his attack, and Martial, who is known as the 'new Thierry Henry', has emerged as a target with Javier Hernandez widely expected to leave Old Trafford.
GETTY
Kingsley Coman has joined Bayern Munich on a two-year loan deal
Chelsea have seen an approach for Paris Saint-Germain defender Marquinhos rejected, according to reports.
The Blues have turned their attentions to Marquinhos after failing to make any headway with a move for Everton's John Stones.
Marquinhos Player Profile
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Manchester United were keen on Marquinhos in January, but PSG at the time said he wasn't for sale.