The Bavarians have made overtures to the Portuguese winger a while back, but couldn't reach an agreement with the Blues right away.
Bayern chairman Karl-Heinz Rummenigge assured that his side are still in talks with Chelsea to complete the swoop.
"We are still on the look-out for a right-sided defender," Rummenigge told Sport Bild.
"We therefore continue to have a serious contact with Chelsea.
"We are convinced about Bosingwa and that he would fit in really well at FC Bayern.
"I don't think the book has been closed on this issue yet."
While Sagnol was on the sidelines last season with a major Achilles tendon injury, Massimo Oddo couldn't competently replace the Frenchman at the Allianz Arena.
Bosingwa, 26, joined Chelsea in 2008 from Porto, and has won 18 caps with Portugal thus far.