The 53-year-old said that he has held initial talks but will hopefully sign a new deal following their qualification for Brazil, which was confirmed by last night's 3-0 win over the Republic of Ireland.
"It will not happen today and it will not happen tomorrow," he told reporters.
"It is true we have had a first discussion and talked about the general parameters and I think we can find an agreement."
DFB president Wolfgang Niersbach added: "We have always said that we will wait for the qualification and then we will talk about it.
"We still have Sweden and after that we will sit down and clearly comment on this exciting issue."
Low has guided the team to two semi-finals and a final in his three major tournaments in charge.