The Colombia international has grown into his playmaker role at the Allianz Arena since arriving on an initial two-year loan move last July, playing a direct part in five goals in his last six outings.
Bayern have the option to land Rodriguez for a fee just short of £40m in 2019, although reports in the Spanish press earlier this week claimed that a player-plus-cash deal involving striker Robert Lewandowski could now be on the table for this summer.
Speaking to Bayern TV, however, Rummenigge made clear that no decision will be made on Rodriguez's future until his loan deal expires in 15 months' time.
"He has become a very important player for us. He is technically strong with a wonderful shot and a great free kick like we saw recently in Leverkusen. We're benefiting from his way of playing because he's evolved into a playmaker.
"He's on loan with Bayern for two years and then we have the option to buy him out of his contract for €42m (£37.5m), if I'm not mistaken. Of course, that's still a lot of money, even if we all saw some really crazy figures during the last transfer window.
"We will wait and see what happens and decide what to do. However, that won't happen in 2018 because we have plenty of time to decide and the purchasing option won't expire."
Rodriguez has been used 25 times in all competitions for Bayern this term, scoring four goals and setting up six more.