Bayern Munich have denied they will bid for Schalke goalkeeper Manuel Neuer in the January transfer window.

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Bayern have struggled to replace the retired Oliver Kahn and Germany shot-stopper Neuer was tipped for a summer move as Schalke struggle for cash.

"Manuel Neuer is not on our list," sporting director Christian Nerlinger told Ruhr Nachrichten. "Even this winter we will not be making any attempt to sign him."

Schalke boss Felix Magath however confirmed that players could be leaving the club as they look to clear a £15 million debt.

"We are going to arrange a programme of refinancing and savings, we need to have a look at everything," Magath told Bild am Sonntag.

"We may need to sell a few. It is possible we may need to sell a key player, but only if we get to January and are not in a position to challenge for Europe."