Norwich have told Bayern Munich they will have to pay between £30-35m if they want to sign Max Aarons this summer.
The German champions have been scouting Aarons for two years and have begun negotiating with the Canaries through an intermediary over a deal for the right-back.
Norwich are in no rush to discuss a deal, though, and would prefer to conclude talks at the end of the season. They are currently top of the Championship and are keen to focus their attentions on an immediate return to the Premier League
Manchester United are also understood to be keen to bolster their options at right-back in the summer and have been scouting Aarons extensively in recent months.
The 21-year-old was close to a move to Barcelona in September, only for the deal to collapse and the Spanish giants to sign Ajax full-back Sergino Dest instead.
Aarons has impressed for Norwich this season, playing every minute of their 29 league games and chipping in with a goal and three assists.
He began his career with Norwich and has gone on to make 114 appearances for the club. He made his debut in August 2018 and quickly went on to establish himself as the club's first-choice right-back.