Atletico Madrid ace Antoine Griezmann and Gremio starlet Arthur Melo have been heavily linked with a move to the Nou Camp in recent months and Spanish publication AS says that the La Liga giants have also identified Alaba as another top target ahead of the 2018-2019 campaign.
Valverde has overseen a major overhaul of his squad since taking over Luis Enrique at the end of last season.
The former Athletic Club Bilbao manager brought in Paulinho, Nelson Semedo, Gerard Deulofeu and Ousmane Dembele in the summer before welcoming the €11.8m arrival of Yerry Mina from Palmeiras and the €160m club record addition of Philippe Coutinho from Liverpool.
The two January additions have cost the Catalans a total of €171.8m (£151.3m, $214) - but AS suggests that they plan to break the bank once again in the summer to complete the overhaul of Valverde's squad.
The 25-year-old defender has been linked with Barcelona in the past prior to agreeing a new lucrative deal at Bayern until 2021 in March 2016.
AS understands that the Catalans are ready to reignite their interest in the versatile defender but president Josep Maria Bartomeu is looking how to fund the move as luring him away from the Bundesliga giants won't come cheap.
The Spanish publication says that Barcelona technical secretary Roberto Fernandez will meet with Alaba's agent at the end of the season to sound out his potential move to the Nou Camp.
Valverde already has Jordi Alba and Lucas Digne to cover the left-back role but AS says that the club could part ways with the Frenchman.
Furthermore, Thomas Vermaelen's long-term future also remains uncertain.
AS insists that the Atletico Madrid star also remains a priority despite Valverde already having Lionel Messi, Luis Suarez, Ousmane Dembele and Coutinho in his fearsome attack.
Yet it has been widely reported for some time that Barcelona plan to meet his €100m release clause in upcoming summer as they believes the Frenchmen represents good value in an over-inflated market.
The Catalans have not confirmed their interest in the France forward but last month Atletico reported them to Fifa after Mundo Deportivo said that club president Josep Maria Bartomeu had met with Griezmann's family to thrash out his potential move to the Nou Camp.
Reports from Mundo Deportivo and Sport on Wednesday morning (31 January) said that Barcelona are closing in on a deal worth around €30m to sign the talented midfielder from Gremio ahead of the summer.
AS also say that the negotiations to sign the Brazil starlet are on track but Barcelona still have to make a space in the squad as Valverde already has a maximum number of non-EU players in the form of Coutinho, Mina and Paulinho.
It has been said that the Catalans could sign Arthur now and send him on loan to another European club next season in order to continue his development.
AS suggests that the Catalans could also considering loaning Mina to make space for Arthur if the Colombia international doesn't make the impact expected during the second half of the current season.