Bayern are keen to bring the German international back to the Bundesliga but won't be making a bid this summer.
Instead, they hope to persuade Khedira to see out the final year of his contract at Real before making the move to Bayern on a free transfer at the end of the season.
Reports in Spain suggest that Bayern are willing to give Khedira the contract he wants in a year's time if they don't have to pay a transfer fee to land him.
While Chelsea hold a longstanding interest in Khedira, it is thought that Arsenal have been most persistent in their attempts to bring the player to England this summer.
Sami Khedira Player Profile
Bayern Munich want to land Sami Khedira on a free transfer
However, the player's wage demands have thus far proved a stumbling block to any deal being completed.
Reports in recent days suggest that Khedira may be willing to drop his demands to push through a move.
But Bayern's offer is sure to appeal to the 27-year-old and he could now just wait things out before making a move next summer.
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