The claims suggested the Germany international was being lined up for a surprise switch to the Turkish champions, but the rumours gained little traction after German outlets swiftly ruled out the possibility.
Galatasaray have now echoed that stance by making it clear there is no substance to the reports.
"The reports that our club has reached an agreement with Jamal Musiala and Bayern Munich are not true. This is hereby brought to the public’s attention," a statement from Galatasaray read.
Instead, Musiala remains focused on his recovery from the serious injury he sustained last year while playing for Germany.
Following the national team's disappointing World Cup exit, the 23-year-old underwent a minor procedure to remove the metal plate that had been inserted during surgery after the injury.
The midfielder is continuing his rehabilitation and is working towards being available for Bayern's opening competitive fixture of the new campaign.
That match is scheduled to be the DFL-Supercup against Borussia Dortmund, with the contest set to take place at Signal Iduna Park on August 22.
