The report claims that the anticipation is that an agreement between Alaba and Real Madrid will be completed within weeks, while Bayern are an increasingly likely destination for Spain international Vazquez.
It is claimed how both deals are likely to suit the clubs as no transfer fees will be involved while both can be fitted within their respective wage structures, while bolstering areas of the squad.
Italian transfer guru Fabrizio Romano claimed in February that there is a verbal agreement in place for Alaba to join Madrid in the summer, but no contract has yet been signed.
Vazquez has transformed his fortunes at the club this season and is now a key member not just of the squad but of the starting line-up – he has started 28 games across all competition this campaign compared to just 10 last campaign.
His versatility has been important for Los Blancos in recent seasons.