The painting "Allegorical Scene" by Marc Chagall belonged to the German-Jewish Blumstein family, who last lived in Riga, Latvia, wrote the newspaper.
The newspaper cited an official document from the 1950s in which the family had applied for several missing pieces of art, including "Allegorical Scene". The works had been seized when the Gestapo confiscated valuable art works from their home in 1941, Bild reported.
Yet the authorities in Bavaria, who are currently investigating the case, could not confirm Bild's findings.
"We have received well over a hundred inquiries about the Munich art discovery," said a representative from the Augsburg Prosecutor's Office.
A reclusive 80-year-old, Gurlitt hoarded more than 1,400 works of art - many of them masterpieces looted by Nazis during World War II - in his apartment.