The idea is to capitalise on Bayern’s need to sell.
Despite being German football’s biggest team, they lack the financial muscle to compete with fellow European giants such as Real and Barca.
As a result, Rodriguez may be signed - and then sold - to raise funds for other players.
Barcelona, Don Balon claim, have already discussed the prospect of signing the 26-year-old.
There appears no way back at Real, despite Zinedine Zidane making way for former Spain manager Julen Lopetegui.
Barcelona transfer news: James Rodriguez was loaned to Bayern Munich by Real Madrid (Image: GETTY)
Bundesliga reflect on James Rodriguez’s footballing history
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And that could work to Bayern's advantage with Barcelona huge admirers.
Gerard Pique, meanwhile, has already endorsed Rodriguez’s signing - to the player himself.
Pique said: “You can come to Barcelona whenever you want.
“I’ve always said you suit the club's profile, your way of playing, your way of understanding football.
"But, well, at the end of each one's career, because you never know where you're going to end, but you know you would be welcome.”