According to Spanish newspaper Sport, the Uruguayan international has been identified by the Bavarians' next manager, Pep Guardiola, as their number one target at the end of the season.
The former Barcelona boss will arrive at the Allianz Arena in July, but has already drawn up a shortlist of players he wants to join him in the German capital.
Suarez is enjoying an impressive season at Anfield under the tutelage of Reds boss Brendan Rodgers, netting 20 goals in 30 appearances for Liverpool already in 2012/13.
The 25-year-old has been a central figure in the club's rise up to seventh in the Premier League table, and has attracted interest from a number of other top European clubs, including Juventus and Manchester City.
Liverpool will be determined to keep hold of their star striker, although an expected bid of £40million, might well tempt the club's owners Fenway Sports Group into cashing-in on the controversial forward.
Suarez could be joined at Bayern Munich by one of Radamel Falcao, Edinson Cavani, or Edin Dzeko, with Guardiola also eyeing up at least one of those front-men, according to reports in Spain.