The Spanish international has been heavily linked with a move away from Madrid this summer after losing his regular starting place last season.
Diego Simeone used him in a rotating role as Los Rojiblancos clinched their first league title since 2014 at the end of 2020/21 and the 26-year-old is now rumoured to be considering his options.
However, Bayern Munich will not be amongst the chasing pack for a move.
“There will be no major transfers. You can forget about it”, former president Uli Hoeneß told an interview with Sport 1, as reported via Marca.
“That was discussed between the board of directors in their last meeting.”
Hoeneß’ comments were echoed by current president Herbert Hainer who claimed the Bavarians would not be making any major signings due to the financial impact of the Covid-19.
If Bayern do remove themselves from the battle, Saul’s main suitors are likely to be Premier League pair Manchester United and Manchester City.
United were interested in a move last summer, but baulked at Atletico’s stance on his €100m+ release clause, which could now be lowered to around €60m.