The 33-year-old's current deal with Werder Bremen is due to expire at the end of the current season, meaning that he would be able to leave the club without the requirement of a transfer fee.
However, the former Chelsea striker has insisted that he has made no decision over his future.
"I have not decided yet where I will continue my career," he told Bild. "There's no decision for now. I will let people know once I've made a decision on my future."
Pizarro previously spent six years with Bayern until 2007.