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The 26-year-old's agent has given Chelsea the green light to follow up their interest in the winger following categorical denials that Ribery had already signed an agreement to go to Real Madrid at the end of the season.
Bayern president Uli Hoeness says it would be 'fiscally irresponsible' to hold on to the former Marseille star beyond the summer unless a contract extension is agreed.
Hoeness has been determined to tie his star player to the club, but Ribery admits he has no plans to get around the table with his employers and is prepared to see his deal run down and leave for nothing in 18 months.
His agent Alain Migliaccio said: 'Ribery will not renew with Bayern. Either he will complete his contract or he will go somewhere else at the end of the season.'
Chelsea owner Roman Abramovich is a huge admirer of Ribery and is prepared to bankroll a £45million deal.
However, Stamford Bridge boss Carlo Ancelotti says he is reluctant to do deal in January and may wait until the summer, despite the risk of FIFA's transfer ban being invoked if an appeal to the Court of Arbitration for Sport fails in the next few months.
Reports in Germany this week suggested that Arjen Robben's summer move from Real Madrid to Bayern was the first instalment of a £50m deal to see Ribery go the other way in 2010. However, both clubs denied an agreement existed.
Manchester City and Manchester United may also revive their interest.
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source: dailymail