Kalajdzic will enter the final year of his contract at Stuttgart in the summer and is tipped to move on in search of a greater challenge.
Despite his injury-curtailed season, the forward remains a wanted striker in Europe, with several clubs believed to be interested in getting their hands on him.
A move to England has been mooted, with West Ham and Tottenham both keenly tracking him, as each look to bring in a striker in the summer.
However, according to German magazine Sport Bild, Bayern Munich are also considering taking him to Bavaria in the summer transfer window.
There are question marks over Robert Lewandowski’s future as he has been heavily linked with a move to Barcelona.
The German champions want to keep the prolific veteran but are working behind the scenes to bring in a replacement.
Kalajdzic has been identified as a potential target and the club are in contact with the striker and his camp.
Any move is still at an exploratory stage and Bayern Munich are also considering other targets as well.
