Liverpool remain the club many expect him to choose, given how close they came to landing him in the summer. They are still firmly in the race but those previous negotiations now carry little weight.
Sources insist Guehi has pressed reset and is weighing his options with a completely open mind.
The defender is leaning towards a free-agent move at the end of the campaign rather than a January exit - and right now Bayern Munich believe this gives them a crucial edge, after making early progress behind the scenes.
Representatives have already held initial conversations to understand Bayern’s project and the conditions on offer in Germany, where he could have the chance to join forces with Harry Kane.
As Crystal Palace’s captain, Guehi’s leadership qualities are a major attraction and the prospect of signing an England international of his calibre on a free transfer is enticing.
The fact his personal demands are not expected to reach the levels of comparable players adds further intrigue.
Guehi is getting a clear sense of what would be available to him abroad and there are strong indications he would be more than willing to leave England if a club aligns with his ambition and long-term vision.
Real Madrid are monitoring developments closely as they assess centre-back options, with Ibrahima Konate and Dayot Upamecano also on their radar.
At present, Konate is understood to be their preferred choice and they are waiting to see whether he accepts or rejects Liverpool’s contract proposal before refining their plans. Barcelona also regard Guehi as a potential reinforcement as they look to add one more high-level defender to their back line.
Domestically, Manchester United, Tottenham and Chelsea hold varying degrees of interest and could rival Liverpool should Guehi decide to remain in England. Chelsea, who developed him through their academy, have also considered launching an attempt to bring him back.
However, their pursuit of a new defender in January may complicate their chances, with Guehi favouring an end-of-season move.
Spurs, likewise seeking a defender in January, privately acknowledge they are outsiders in this race given the scale of competition.
United find themselves in a similar position - but there have been internal considerations over whether the club’s heritage and stature could influence his decision.
Their current priority is midfield, but a defensive signing has been pencilled in for the summer - and Guehi’s good value makes him an appealing target. There has been some thought given to trying to sign him in January to beat the queue, but it does not sound like that will become possible.
Guehi is keeping his options open for now with a plan to decide on a transfer that will go ahead next summer. And he truly is considering a future outside of England.
