According to a report from Sky Sport journalist Florian Plettenberg (as @iMiaSanMia), Bayern Munich and star youngster Jamal Musiala are aligned on getting a contract extension done, but are not in any rush to put pen to paper and make if official:
Regarding a potential new contract for Musiala, it could happen this year, but none of the parties involved are in a rush. Jamal has no intention of leaving Bayern, and the relationship between all parties (club, player, parents, agent) is great.
Musiala is said to already drawn interest from clubs such as Real Madrid, Liverpool FC, and a few other clubs, but it seems as if everyone — including those powerhouses — know that Musiala leaving Bayern Munich is an extreme longshot.
With a contract that already runs through 2026, it can be expected that the amount of years in an extension will not be significant, but Musiala should get hefty pay increase as part of any new arrangement.