The four-year contract extension would keep the 26-year-old at Bayern Munich until the summer of 2016, according to Bild.
Schweinsteiger’s current contract with Bayern is set to expire in the summer of 2012 and the midfielder has recently been linked with the likes of Real Madrid and Manchester United.
“It doesn’t matter when he signs, just as long as he does and I am confident we can convince him,” Bayern Munich sporting director Christian Nerlinger said on German television.