The Bavarians are willing to listen to offers for the Brazilian, with Wolfsburg leading the chase for his signature ahead of rumoured interest from Premier League sides
The Brazil international has been heavily linked with a move away from the Allianz Arena during the off-season, with Dieter Hecking's men thought to be leading the race for his signature.
The player himself recently confirmed he was open to leaving the treble winners as competition for places in midfield hots up, and Rummenigge admits they would be open to negotiating terms for a transfer with their fellow Bundesliga outfit.
He told Kicker: "If Wolfsburg agrees personal terms with Gustavo, we will then negotiate.
"If Luiz leaves the club, we will not buy another player."
Goal understands Arsenal identified the midfielder as a potential summer transfer target in February, and the player's agent, Roger Wittmann, revealed there will be talks with every potential suitor.
"If Bayern allows it, we will talk with every big and serious club out there, including Wolfsburg," Wittmann added.
Gustavo, whose current deal expires in 2015, joined the Bavarians in 2011 and has made 100 appearances throughout his two-year stay with the club.