Bayern's CEO Karl-Heinz Rummenigge revealed that the player will decide his destination.
"Big clubs are interested in him," Rummenigge told Kicker.
He added in Sport1: "The question is whether Luiz wants to join a club that will sadly not even play [in Europe] next season, or if he wants greater things."
It is thought that Gustavo is keen to play regular football ahead of the 2014 World Cup, something which he may not get at Bayern after several midfield arrivals.
Although Worlfsburg are the only club to have made a bid, the 26-year-old is waiting for Chelsea or Arsenal to make their interest more concrete.