The reigning European champions have been linked with a move for the 20-year-old attacker, who is widely regarded as one of the brightest prospects in German football, at the end of the season.
"I can assure that we will not buy Julian Draxler this summer," Rummenigge told Welt am Sonntag.
"I do not know [if he wants to join Bayern]. We never talked to his agents. In my opinion, the public do not understand our transfer policy yet."
Bayern could clinch the Bundesliga title as early as this week with a win over Hertha Berlin on Tuesday night.