The teenage midfielder reportedly held talks with Tottenham Hotspur this month.
According to a report by France Football last week, Tottenham Hotspur have held talks with Ousmane Dembele over a summer move to White Hart Lane.
However, the Londoners could lose out on the 18-year-old, as Bild claims he will sign for Borussia Dortmund instead.
Talksport reported last week that Rennes were holding out for more than £30 million (€38 million) for Dembele. However, the German tabloid claims the fee is around eight times less than that at £4 million (€5 million).
Dembele is primarily a left winger, but can also play operate on the opposite flank as well as in central midfield.
The France Under-21 international made his Rennes debut earlier in the campaign and has scored or created 17 goals in 25 appearances, drawing interest from a host of top European clubs.
Bild lists Bayern Munich and Atletico Madrid, as well as Spurs' English rivals Liverpool, Chelsea and Manchester City as suitors.
However, the report adds that despite 'trying everything', their interest came too late.
Dembele is celebrated as the 'new Franck Ribery' according to Bild, while former Manchester United defender Mikael Silvestre said his skills remind him of a young Cristiano Ronaldo.