Cancelo was let go by Pep Guardiola after losing his job at Manchester City after the World Cup, and Bayern took him on a loan with a purchase option.
Few other candidates emerged for Cancelo in such a short period of time, shocking Europe as the deal transpired relatively swiftly over the course of a few days.
Cancelo has stated he has not been contacted by Real Madrid, despite reports from Spain that they are interested in a move and may pursue it further in the summer.
Cancelo said to Movistar, “I did not get any proposition from Real Madrid in January, no…if rumors claim so, I don’t know.
“It’s a joy if a team like Real Madrid wants you. It also indicates that I’m doing morally.”
According to a Monday report from Nova Sports, Bayern are hesitant to exercise the €70 million purchase clause in their agreement with Man City but would prefer to get Cancelo permanently at a lesser price.
At the end of the season, Chelsea would also like to sign Cancelo in addition to Real Madrid.
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